On 7 May 2018, the South African Revenue Service has published an updated rate table for interest charged on outstanding taxes, duties, and levies, and interest rates payable in respect of refunds of tax on successful appeals and certain delayed refunds. At the same time SARS also released updated rate table for interest rates payable on credit amounts (over-payment of provisional tax) under section 89quat(4) of the Income Tax Act 58 of 1962. Effective from 1 July 2018, the interest rate will be reduced from 10.25% to 10.00% for overdue taxes and refunds. For credit amounts, the interest rate will be reduced from 6.25% to 6.00% effective from 1 July 2018.
Related Posts

South Africa publishes synthesised text of tax treaty with Spain
The South African Revenue Service (SARS) has released a synthesized text of its tax treaty with Spain, reflecting updates from the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting
Read More
South Africa: SARS updates urban development zone allowance guide for 2025
The South African Revenue Service (SARS) has issued an updated Guide to the Urban Development Zone (UDZ) allowance on 17 January 2025. This incentive, introduced in 2003, aims to drive investment in 16 UDZs across 15 inner cities by offering
Read More
South Africa: SARS updates interest rate for taxation of low-interest loans
The South African Revenue Service (SARS) has announced a reduction in the official interest rate Table 3 for taxation on interest-free or low-interest loans, lowering it from 8.75% to 8.50%, effective 1 February, 2025. This change follows a
Read More
South Africa: SARS updates interest rate for taxation of low-interest loans
The South African Revenue Service (SARS) has announced a reduction in the official interest rate Table 3 for taxation on interest-free or low-interest loans, lowering it from 8.75% to 8.50%, effective 1 February, 2025. This change follows a
Read More
South Africa: President promulgates Taxation Laws Amendment Act, introduces changes to environmental tax provisions
The President of South Africa has promulgated the Taxation Laws Amendment Act 42 of 2024 which includes changes to environmental tax provisions. The law was published in the Official Gazette on 24 December 2024. The various amendments
Read More
South Africa introduces tax incentive for electric, hydrogen vehicle production
The South African Revenue Service has released the Taxation Laws Amendment Act 2024 which introduces a new investment allowance for automotive companies investing in the production capacity for electric and hydrogen-powered vehicles in the
Read More