(1) Any tax, being the whole or part of an instalment of tax due and payable by any person under section 113, not paid by the date upon which such instalment or part thereof becomes due and payable shall bear interest at the rate of 11/4% per year above the prevailing prime rate of interest or such other rate as may be prescribed by the Minister by Order made by statutory instrument for the period during which it remains unpaid.
(2) Any tax, being the remainder of any tax charged on any person under section 114 not paid by the due date shall bear interest at the rate of 1% per year above the prevailing prime rate of interest or such other rate as may be prescribed by the Minister by Order made by statutory instrument for the period during which it remains unpaid.
(Substituted by Act 11 of 2007)