Tables of Interest Rates

Interest rates charged in terms of the legislation administered by SARS are split into three main categories, namely –

  • 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 section 1(1) of 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

updated on 13 September 2022

Interest rates payable on credit amounts
updated on 13 September 2022

Table 3

Rates at which interest-free or low interest loans are subject to income tax
updated on 26 September 2022

 * The South African Reserve Bank changed the “repo rate” on 22 September 2022, effective 1 October 2022

 

Table of Contents

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