Value-Added Tax Act, 1991 (Act No. 89 of 1991)Part X : Miscellaneous66. Rounding-off of tax |
[Section 66 heading substituted by section 13(1) of Notice No.18 of 2019, GG 42171, dated 17 January 2019 (Rates and Monetary Amounts and Revenue Laws Act (Act 21 of 2018) - effective 1 April 2018]
In determining an amount of tax determinable under this Act —
| (a) | where the tax fraction is expressed as— |
| (i) | a proportion, that proportion may not be rounded off to fewer than five decimal places namely 0,13043; or |
| (ii) | a percentage, that percentage may not be rounded off to fewer than three decimal places, namely 13,043; and |
| (b) | fractions of— |
| (i) | less than half a cent, must be rounded down to the last cent; or |
| (ii) | half a cent or more, must be rounded up to the next cent. |
[Section 66 substituted by section 13(1) of Notice No.18 of 2019, GG 42171, dated 17 January 2019 (Rates and Monetary Amounts and Revenue Laws Act (Act 21 of 2018) - deemed to have come into operation on 1 April 2018]