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Are interest on underpaid tax deductible?

Posted 19 July 2016 under Tax Q&A
George says:
19 July 2016 at 11:57

Are interest on underpaid tax deductible? With other words interest paid to the Receiver for taxation underpaid. Can I include these interest as an expense in my current year. Are they deductible on my tax calculation.

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TaxTim TaxTim says:
19 July 2016 at 12:22

Unfortunately the interest paid on taxes is not tax deductible. The Act prohibits certain expenses and interest and penalties paid on taxes are specifically prohibited.


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