Section 122D: Interest on unpaid tax

122D. Interest on unpaid tax (1) Any person who fails to pay any income tax under— (a) section 100 or 129A, shall be liable to pay, in addition to the income tax and penalty under sections 101 and 101A, interest at the rate of one per cent per month or part of the month during which the income tax remains unpaid; or (b) section 50F, 106, 112, 116, 119, 129 or 131 shall be liable to pay, in addition to the income tax and penalty under sections 50F, 109, 110, 111, 121, 122, 122C and 129(1A), interest at the rate of 0.5 per cent per month or part of the month during which the tax remains unpaid. (2) The interest shall not apply to any penalty under sections 50F, 101, 101A, 109, 110, 111, 121, 122, 122C and 129 (1A). [S. 122D inserted by s. 18 (zt) of Act 15 of 2006 w.e.f. 1 July 2007 in respect of the year of assessment commencing on 1 July 2007 and in respect of every subsequent year of assessment; amended by s. 17 (za) of Act 17 of 2007 w.e.f. 1 July 2008; s. 21 (s) of Act 14 of 2009 w.e.f. 30 July 2009; s. 12 (r) of Act 26 of 2012 w.e.f. 1 January 2013; s. 24 (za) of Act 9 of 2015 w.e.f. 14 May 2015.]