South African Revenue Service Updates Interest Rate Tables

The South African Revenue Service (SARS) published updated interest rate tables on 18 January 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 7.0% to 7.25% with effect from 1 March 2022 (previously reduced from 7.25% to 7.0% from 1 November 2020); and
• Table 2 - Interest rates payable on credit amounts (overpayment of p…