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Income Tax Act, 1962 (Act 58 of 1962)

Chapter II : The Taxes

Part IVB : Withholding tax on interest

50C. Liability for tax

 

(1) A foreign person to which an amount of interest is paid is liable for the withholding tax on interest to the extent that the interest is regarded as having been received by or accrued to that foreign person from a source within the Republic in terms of section 9(2)(b).

 

(2)        Where any amount of withholding tax on interest is—

(a)        withheld as contemplated in section 50E(1); and

(b) paid as contemplated in section 50F(2), that amount of withholding tax on interest must be regarded as an amount that is paid in respect of that foreign person’s liability under subsection (1).

 

[Section 50C inserted by section 98(1) of the Taxation Laws Amendment Act, 2013 (Act No. 31 of 2013) - effective 1 March 2015 (substituted by section 125 of the Taxation Laws Amendment Act, 2014 (Act No. 43 of 2014)]