Page 12 - Employees tax

PROVISIONAL TAX

2nd Payment

• Under estimate: Taxpayers with taxable income < R1 million

• 20% Penalty, if estimate is: Par 20

• * less than 90% of actual taxable income; and

• * less than the basic amount

• Taxpayers with taxable income > R1 million

• 20% Penalty if estimate is: Par 20

• * less than 80% of actual taxable income.

• Late payment: 10% Penalty on the amount not paid in
relation to the actual 2nd provisional tax payment payable

Par 27(1)

• Interest: Charged at prescribed rate for as long as the

amount remains unpaid.

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