Visit the national COVID-19 Online Resource and News Portal at or see SARS COVID-19 news items and tax relief measures here.

Legal Counsel Publications

This part of the website contains the following types of publications issued by Legal Counsel: 

Average Exchange Rates

The Average Exchange Rates are for purposes of applying the provisions of the Income Tax Act, 1962 and the schedules are updated on a quarterly basis. The figures are based on the foreign exchange transactions of commercial banks as provided by the South African Reserve Bank (SARB).
There are two lists relating to average exchange rates, namely –
  • a list of the average exchange rates of selected currencies for a year of assessment as from December 2003 (Table A)
  • A list of the monthly average exchange rates to assist a person whose year of assessment is shorter or longer than 12 months (Table B)
  • 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)

These FAQs were created to provide clarity on certain practical and technical aspects relating to some of the publications issued by Legal Counsel.  
These FAQs were created to provide clarity on certain practical and technical aspects relating to some of the publications issued by Legal Counsel.  



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. 


These guides are generally updated when the primary legislation has changed and must be read in conjunction with any secondary legislation published in the Government Gazette after the particular guide has been published.   


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)


There is a difference in the effective date for the interest rate when it is announced under the Public Finance Management Act, 1999 and in the date it applies for purposes of the Income Tax Act, 1962. A note to explain the difference is available at the bottom of each of the Tables of Interest Rates 

Table of Contents

Last Updated:

Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on print