Tables of Interest Rates

Interest rates charged in terms of the legislation administered by SARS are split into three main categories, i.e. -

  • interest charged on outstanding taxes, duties and levies and those payable in respect of refunds of tax on successful appeals and certain delayed refunds
  • interest payable on credit amounts (overpayment of provisional tax) in terms of section 89quat(4) of the Income Tax Act, 1962
  • interest applicable to a loan denominated in the currency of the Republic, as described in paragraph (a) of the definition of 'official rate of interest' in paragraph 1 of the Seventh Schedule to the Income Tax Act, 1962

For ease of reference, the tables of interest rates are given below in three separate documents, numbered according to the three main categories, i.e. the first group of interest rates can be found in Table 1.

 

 

​Table Description

Table 1​ 

Interest rates on outstanding taxes and interest rates payable on certain refunds of tax - last updated on 11 August 2015

*The reference to the Public Finance Management Act, 1999 (PFMA) was amended  

Table 2 

Interest rates payable on credit amounts - last updated on 11 August 2015

*A note was added to explain the difference between the PFMA's determination of and the implementation of "prescribed interest rate" in terms of the Income Tax Act, 1962

Table 3 

Rates at which interest-free or low interest loans are subject to income tax - last updated on 11 August 2015

*The South African Reserve Bank changed the "repo rate" on 24 July 2015. A note was added to explain the difference between the announcement of the "repo rate" and the implementation thereof in terms of paragraph 1 of the Seventh Schedule to the Income Tax Act, 1962

 
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Last Updated: 11/08/2015 8:58 AM     print this page
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