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South African Revenue Service Updates Interest Rate Tables

02 May 2023

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Approved Changes

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South Africa

The South African Revenue Service (SARS) has published updated interest rate tables dated 13 April 2023, including: Table 1 - Interest rates charged on outstanding taxes, duties, and levies and interest rates payable in respect of refunds of tax on successful appeals and certain delayed refunds, which is increased from 10.50% to 10.75% with effect from 1 May 2023 (previously increased from 9.75% to 10.50% from 1 March 2023); and Table 2 - Interest rates payable on credit amounts (overpayment of provisional tax), which is increased from 6.50% to 6.75% with effect from 1 May 2023 (previously increased from 5.75%...