CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
(4) Subsection (3) applies only in respect of tax payable for the former
years of assessment of 1958 to 1962.
103. 95 (1)Where the amount paid on account of tax payable by any person for a
year of income on or before the expiration of the time allowed for filing
the return of that person's income is less than the amount of tax payable
for the year, the person liable to pay the tax shall pay interest on the
difference between those two amounts from the expiration of the time for
filing the return of income to the day of payment at the rate of twenty per
cent a year unless the Board, on being satisfied that the difference between
those two amounts did not result from the tax-payers own default, directs
any reduction in the rate of interest payable.
Interest
Act No.14 of 1987
Act 91 of 2000+
96 (2) In addition to the interest payable under subsection (1) where any
person, being required by this Act to pay a part or installment of tax, has
failed to pay all or any part thereof as required, he shall, on payment of the
amount he failed to pay, unless the Board otherwise directs, pay interest at
twenty per cent a year from the day on or before which he was required to
make the payment to the day of payment or the beginning of the period in
respect of which he becomes liable to pay interest thereon under
subsection (1) whichever is earlier. Act No 11 of 1988
Act 91 of 2000+
Finance Act 2002*
(3) The rate of interest referred to in subsections (1) and (2) shall come
into effect on 1 st May 2001. Act 91 of 2000+
103A.(1) Notwithstanding any written law to the contrary but subject to
subsection (2), there shall be a waiver of the following liabilities:
(a) interest on outstanding taxes and business levy due and
payable as at 31 st December 1999, where such taxes or business
levy as the case may be, are or is paid during the period 28 th
August 2000 and 30 th April 2001;
(b) interest charged on the payment, prior to 28 th August,
2000, of taxes and business levy due or payable as at 31 st
December 1999, where such interest has not been paid;
95 BIR Note: Effective 1st January 1987.
96 BIR Note: Interest in respect of tax instalment payments has been increased from 12% to 15% with
effect from 8 th January, 1988.
+Effective 1 st May 2001
*Effective 1 st January 2003
BIR Mac Edition 91/01 Page 118