On 11 July 2023, the South African Revenue Service (SARS) has published updated interest rate tables . the interest rates tables are given below in three separate documents, numbered according to the following three categories:
Interest rates charged on outstanding taxes, duties, and levies and interest rates payable in respect of refunds of tax on successful appeals and certainly delayed refunds, which is increased from 11.25% to 11.75% with effect from 1 September 2023 (previously increased from 10.75% to 11.25% from 1 July 2023).
Interest rates payable on credit amounts (overpayment of provisional tax), increased from 7.25% to 7.75% from 1 September 2023 (previously increased from 6.75% to 7.25% from 1 July 2023).
This table highlights rates at which interest-free or low-interest loans are subject to income tax, as described in paragraph (a) of the definition of ‘official rate of interest’ in section 1(1) of the Income Tax Act, 1962, which is increased from 8.75% to 9.25 % with effect from 1 February 2023 (previously increased 8.25% to 8.75% with effect from 1 April 2023).
