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.