The South African Revenue Service (SARS) has published updated interest rate tables dated 18 May 2022, 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 7.50% to 7.75% with effect from 1 July 2022 (previously increased from 7.25% to 7.50% from 1 May 2022); and
- Table 2 – Interest rates payable on credit amounts (overpayment of provisional tax), which is increased from 3.50% to 3.75% from 1 July 2022 (previously increased from 3.25% to 3.50% from 1 May 2022).
Source Orbitax
