The South African Revenue Service (SARS) has published updated interest rate tables dated 4 May 2023, 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 10.75% to 11.25% with effect from 1 July 2023 (previously increased from 10.50% to 10.75% from 1 May 2023); and
- Table 2 - Interest rates payable on credit amounts (overpayment…