Last Updated on September 21, 2023 by ufiling
The prescribed interest rate in South Africa was determined by the Minister of Finance in accordance with the provisions of the Tax Administration Act, 2011. This rate was based on the repo rate set by the South African Reserve Bank. The repo rate is the rate at which the Reserve Bank lends money to commercial banks.
It is important to note that SARS may periodically update or revise the interest rate on refunds based on various factors, including economic conditions and policy considerations. Therefore, it is recommended to consult the official SARS website or contact their helpline directly to obtain the most accurate and current information regarding the interest rate on refunds.
It’s worth mentioning that tax laws and regulations can change over time, so staying updated with the latest information from SARS is crucial for accurate and reliable details.