This part of the website contains the following types of publications issued by Legal Counsel:
Average Exchange Rates
These are not the spot rates as contemplated in the Act
These are also not those used by traders to convert the foreign amount on import or export invoices into South African Rand. These "customs rates of exchange" are updated once a day with information obtained from the South African Reserve Bank by the Valuation Policy teams
On this page you will find a list of brochures issued by Legal Counsel. These brochures are intended to be shorter than guides, and provide a brief overview of certain practical and technical tax policy aspects.
Frequently asked questions (FAQs)
The forms are intended to be used by stakeholders for legal matters only, e.g. a Power of Attorney form. If a form is not available in the Legal Counsel area, please make use of the general SARS Find a Form tool (e.g. for customs and excise forms, income tax forms etc).
Guides issued by Legal Counsel are issued under the Tax Administration Act, 2011.
The guides are neither “official publications” as defined in the Tax Administration Act, nor are they binding on SARS. They are merely intended to assist taxpayers in the practical interpretation and application of the requirements set by law.
For ease of reference, they have been grouped according to their application under the different types of tax.
Tables of Interest Rates
There are three main categories for interest rates charged in terms of the legislation administered by SARS, i.e. –
- interest charged on outstanding taxes, duties and levies and payable in respect of refunds of tax on successful appeals and certain delayed refunds (Table 1)
- interest payable on credit amounts (overpayment of provisional tax) in terms of section 89quat(4) of the Income Tax Act, 1962 (Table 2)
- 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 section 1(1) of the Income Tax Act, 1962 (Table 3)