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

7. Payment of provisional tax
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(1)Every fund shall, in the manner provided in this section, make two payments (called provisional tax) to the Commissioner in respect of its liability for the tax on retirement funds in respect of every tax period.

 

(2)The first provisional tax payment payable by a fund in respect of each tax period shall be an amount equal to 50 per cent of the actual amount of the tax on retirement funds payable by such fund in respect of its immediately preceding tax period or such other amount, as may be approved by the Commissioner, having regard to the circumstances of the case.

 

(3)The first provisional tax payment payable by every fund in respect of each tax period shall be paid to the Commissioner, in so far as it relates to the tax period falling between—
(a)1 March to 31 August, by not later than the last day of May falling within such tax period; and
(b)1 September to the last day of February, by not later than the last day of November falling within such tax period:

Provided that no first provisional tax payment shall be payable by a fund in respect of the tax period 1 March 1996 to 31 August 1996.

 

(4)The second provisional tax payment payable by a fund in respect of each tax period shall be an amount equal to 90 per cent of the actual amount of the tax on retirement funds payable, as determined in terms of this Act, by such fund in respect of such tax period, reduced by the first provisional tax payment actually paid by such fund in respect of such tax period.

 

(5)The second provisional tax payment payable by every fund in respect of each tax period, shall be paid to the Commissioner by not later than 25 days after the end of each tax period.

 

(6)Each provisional tax payment shall be accompanied by a return in such form as the Commissioner may require.

 

(7)There shall be set-off against the liability of a fund in respect of the tax on retirement funds due in respect of any tax period, the amount of any provisional tax paid by such fund in respect of such tax period.