Page 597 - Juta's Indirect Tax

IN 68 (2) TAX ADMINISTRATION ACT: INTERPRETATION NOTES IN 68 (2)
Juta’s IndIrect tax 2016 589
No. Schedule 1 provisions not
Provisions of tax Acts not repealed or amended
Wording of relevant Schedule 1 provisions
Final wording in tax Act after application of Schedule 1 to the Act
Explanatory notes
21. Para. 134
Substitution of section 45
The Value-Added Tax Act, 1991, is hereby amended by the substitution for section 45 of the following section: ‘Interest on delayed refunds
No changes to current wording of section 45. Proposed note under provision:
• As the amendment only relates to interest, there are no changes to the current wording.
22. Para. 135
Deletion of section 45A
Section 45A of the Value-Added Tax Act, 1991, is hereby repealed.
No changes to current wording of section 45A. Proposed note under provision:
• As the amendment only relates to interest, there are no changes to the current wording.
• Section 45A addresses the situation when the
commenced
45. (1) Where the Commissioner does not within the period of 21 business days after the date on which the vendor’s return in respect of a tax period is received by a SARS of ce refund any amount refundable under the Tax Administration Act, interest will be paid on such amount in accordance with Chapter 12 of that Act.
[S. 45... to be substituted by para. 134 of Schedule 1 to Act 28 of 2011 with effect from a date determined by the President by proclamation in the Gazette]
(2) Despite the provisions of Chapter 12 of the Tax Administration Act, if a person fails to—
(a) without just cause submit relevant material,
requested by SARS for purposes of audit of a refund in accordance with Chapter 5 of the Tax Administration Act; or
(b) furnish SARS in writing with particulars of the account required in terms of section 44(3)(d) to enable SARS to transfer a refund to that account,
no interest accrues on the amount refundable for the period from the date that—
(i) in respect of subparagraph (a), the relevant
material was required to be submitted; or (ii) in respect of subparagraph (b), the refund is
authorised,
until the date that the person submits the relevant material or bank account particulars.’.
[S. 45A... to be substituted by para. 135 of Schedule 1 to Act 28 of 2011 with effect from a date determined by the President by proclamation in the Gazette]
rate of interest changes during the period that interest is calculated.