October 7, 2015

The calculation of interest due between taxpayers and SARS

The Tax Administration Act (TAA) introduces general principles to be applied when calculating interest due to or due by SARS. The aim is to create a fairer, more uniform calculation of interest for both the taxpayers and SARS. As with most things in life, there are exceptions. This article will discuss the general interest rules and some of their exceptions. The following general concepts are laid down for the calculation of interest due between taxpayers and SARS: (i.) Interest is compensation for the lost opportunity to use money. (ii.) Interest will be calculated daily on the outstanding balance and compounded […]
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