South African Revenue Service (SARS) updated the Interest Rate Table on outstanding taxes, duties and levies and interest rates payable in respect of refunds of tax on successful appeals and delayed refunds.
The interest rate was set to 10.5% from 1 March 2023.
Recent changes include 9.75% from 1 January 2023 to 28 February 2023, 9.00% from 1 November 2022 to 31 December 2022, 8.25% from 1 September 2022 to 31 October 2022, and 7.75% from 1 July 2022 to 31 August 2022.
Source Taxbackinternational
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