Page 41 - P6 Slide Taxation - Lecture Day 7 - Various Topics
P. 41

Additional tax, interest and penalties










      Third provisional tax payment:



    • Late payment


           – Interest @ prescribed rate of amount not paid for period

                unpaid (s 89bis(2))


    • Underpayment



           – Interest @ prescribed rate of amount by which normal tax

                payable > actual paid to date (s 89quat(2))


    • Overpayment


           – Receive interest @ prescribed rate of amount by which

                normal tax payable < actual paid to date (s 89quat(3))
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