Tax on Retirement Funds Act, 1996 (Act No. 38 of 1996)

Where any retirement fund or insurer fails to pay the tax for which it is liable before or on the last date of payment as prescribed by section 6 or 7, as the case may be, such retirement fund or insurer, as the case may be, shall, in addition to the interest payable in terms of section 11, pay to the Commissioner a penalty equal to 10 per cent of the amount of such tax not paid on or before such last date of payment: Provided that the Commissioner may, having regard to the circumstances of the case, remit the penalty imposed under this section or any part thereof.