Interest Rates as at 1 November 2017

Interest Charged by SARS - Assessment, PAYE, Provisional Tax, SDL, and UIF
Interest Paid by SARS - Successful Appeal

From To Rate
  30/06/1982 7.5%
01/07/1982 31/08/1984 10%
01/09/1984 30/06/1989 15%
01/07/1989* 31/03/1994 18%
01/04/1994 30/11/1998 15%
01/12/1998 30/04/1999 19%
01/05/1999 31/08/1999 16%
01/09/1999 29/02/2000 14.5%
01/03/2000 30/09/2002 13%
01/10/2002 31/03/2003 15.5%
01/04/2003** 30/06/2003 16.5%
01/07/2003 31/08/2003 15%
01/09/2003 30/09/2003 14%
01/10/2003 30/11/2003 13%
01/12/2003 31/10/2004 11.5%
01/11/2004 31/10/2006 10.5%
01/11/2006 28/02/2007 11%
01/03/2007 31/10/2007 12%
01/11/2007 29/02/2008 13%
01/03/2008 31/08/2008 14%
01/09/2008 30/04/2009 15%
01/05/2009 30/06/2009 13.5%
01/07/2009 31/07/2009 12.5%
01/08/2009 31/08/2009 11.5%
01/09/2009 30/06/2010 10.5%
01/07/2010 28/02/2011 9.5%
01/03/2011 30/04/2014 8.5%
01/05/2014 31/10/2014 9%
01/11/2014 31/10/2015 9.25%
01/11/2015 29/02/2016 9.5%
01/03/2016 30/04/2016 9.75%
01/05/2016 30/06/2016 10.25%
01/07/2016 31/10/2017 10.50%
01/11/2017   10.25%

* May be 01/06/1989.

** The various tax laws were amended with effect from 1 April 2003 to link the interest rates in respect of outstanding taxes to the Public Finance and Management Act, 1999, (PFMA) rate in respect of certain debts due to the State. The PFMA rate is published by National Treasury by way of notice in the Gazette and is available at http://www.treasury.gov.za. This approach led to difficulties when interest rates changed, as SARS printed assessments well before their due date to ensure that taxpayers received them in good time. Accordingly, the tax laws were amended with effect from 27 July 2004 to provide for a two month lag between a change in the PFMA rate and the change in the interest rate in respect of outstanding debts.

Interest Paid by SARS - Assessment

From To Rate
01/09/1986 30/09/1987 15%
01/10/1987 31/05/1989 12%
01/06/1989 30/06/1993 14%
01/07/1993 30/11/1998 12%
01/12/1998 30/04/1999 14%
01/05/1999 31/08/1999 12%
01/09/1999 29/02/2000 10.5%
01/03/2000 30/09/2002 9%
01/10/2002 31/03/2003 11.5%
01/04/2003* 30/06/2003 12.5%
01/07/2003 31/08/2003 11%
01/09/2003 30/09/2003 10%
01/10/2003 30/11/2003 9%
01/12/2003 31/10/2004 7.5%
01/11/2004 31/10/2006 6.5%
01/11/2006 28/02/2007 7%
01/03/2007 31/10/2007 8%
01/11/2007 29/02/2008 9%
01/03/2008 31/08/2008 10%
01/09/2008 30/04/2009 11%
01/05/2009 30/06/2009 9.5%
01/07/2009 31/07/2009 8.5%
01/08/2009 31/08/2009 7.5%
01/09/2009 30/06/2010 6.5%
01/07/2010 28/02/2011 5.5%
01/03/2011 30/04/2014 4.5%
01/05/2014 31/10/2014 5%
01/11/2014 31/10/2015 5.25%
01/11/2015 29/02/2014 5.5%
01/03/2016 30/04/2016 5.75%
01/05/2016 30/06/2016 6.25%
01/07/2016 31/10/2017 6.50%
01/11/2017   6.25%

* With effect from 1 April 2003 the interest rate in respect of refunds of provisional tax overpaid is linked to the interest rate in respect of outstanding taxes, less four percentage points.

Interest Charged by SARS - VAT

From To Rate
31/05/1993 18%
01/06/1993 30/11/1998 14.4%
01/12/1998 30/04/1999 19.2%
01/05/1999 31/08/1999 15.6%
01/09/1999 29/02/2000 14.4%
01/03/2000 30/09/2002 13.2%
01/10/2002 31/03/2003 15.6%
01/04/2003 As per first table.

Interest Paid by SARS - VAT

From To Rate
31/05/1993 20%
01/06/1993 30/11/1998 16%
01/12/1998 30/04/1999 18%
01/05/1999 31/08/1999 16%
01/09/1999 29/02/2000 14.5%
01/03/2000 30/09/2002 13%
01/10/2002 31/03/2003 15.5%
01/04/2003 As per first table.

"Official" (Fringe Benefit) Rate - Local

From To Rate
01/03/1985 30/11/1985 18%
01/12/1985 31/12/1986 15%
01/01/1987 31/05/1989 13%
01/06/1989 30/04/1990 16%
01/05/1990 31/07/1992 19%
01/08/1992 31/12/1992 17%
01/01/1993 31/01/1994 15%
01/02/1994 31/08/1995 14%
01/09/1995 30/11/1998 16%
01/12/1998 30/04/1999 19%
01/05/1999 31/08/1999 16%
01/09/1999 28/02/2000 14.5%
01/03/2000 30/09/2001 13%
01/10/2001 28/02/2002 10.5%
01/03/2002 31/08/2002 11.5%
01/09/2002 28/02/2003 13.5%
01/03/2003 30/06/2003 14.5%
01/07/2003 31/08/2003 13%
01/09/2003 30/11/2003 12%
01/12/2003 29/02/2004 9.5%
01/03/2004 31/08/2004 9%
01/09/2004 31/08/2005 8.5%
01/09/2005 31/08/2006 8%
01/09/2006 28/02/2007 9%
01/03/2007 31/08/2007 10%
01/09/2007 29/02/2008 11%
01/03/2008 31/08/2008 12%
01/09/2008 28/02/2009 13%
01/03/2009 31/05/2009 11.5%
01/06/2009 30/06/2009 9.5%
01/07/2009 31/08/2009 8.5%
01/09/2009 30/09/2010 8%
01/10/2010 28/02/2011 7%
01/03/2011 31/07/2012 6.5%
01/08/2012 31/01/2014 6%
01/02/2014 31/07/2014 6.5%
01/08/2014 31/07/2015 6.75%
01/08/2015 30/11/2015 7%
01/12/2015 31/01/2016 7.25%
01/02/2016 31/03/2016 7.75%
01/04/2016 31/07/2017 8%
01/08/2017   7.75%

With effect from 1 March 2011 the official rate in respect of local low or no interest loans is linked to the repo rate, plus one percentage point. The offical rate is adjusted on the first day of the month following a repo rate adjustment to allow employers time to adjust their payrolls and ensure a single rate is used in a month.

Prime Interest Rates at First National Bank

From Rate
30/04/1996 19.50%
18/05/1996 20.50%
01/07/1996 19.50%
01/10/1996 19.25%
21/11/1996 20.25%
20/10/1997 19.25%
10/03/1998 18.25%
13/06/1998 20.25%
01/07/1998 22.25%
06/07/1998 24.00%
31/08/1998 25.50%
19/10/1998 24.50%
09/11/1998 23.50%
07/12/1998 23.00%
11/01/1999 22.00%
12/02/1999 21.00%
08/03/1999 20.00%
19/04/1999 19.00%
25/06/1999 18.00%
14/07/1999 17.50%
02/08/1999 16.50%
04/10/1999 15.50%
21/01/2000 14.50%
18/06/2001 13.75%
16/07/2001 13.50%
16/01/2002 14.50%
18/03/2002 15.00%
14/06/2002 16.00%
13/09/2002 17.00%
13/06/2003 15.50%
15/08/2003 14.50%
15/09/2003 13.50%
20/10/2003 12.00%
15/12/2003 11.50%
16/08/2004 11.00%
18/04/2005 10.50%
12/06/2006 11.00%
07/08/2006 11.50%
16/10/2006 12.00%
11/12/2006 12.50%
11/06/2007 13.00%
20/08/2007 13.50%
15/10/2007 14.00%
07/12/2007 14.50%
11/04/2008 15.00%
13/06/2008 15.50%
15/12/2008 15.00%
09/02/2009 14.00%
25/03/2009 13.00%
04/05/2009 12.00%
29/05/2009 11.00%
14/08/2009 10.50%
26/03/2010 10.00%
10/09/2010 9.50%
19/11/2010 9.00%
20/07/2012 8.50%
30/01/2014 9.00%
18/07/2014 9.25%
24/07/2015 9.50%
20/11/2015 9.75%
29/01/2016 10.25%
18/03/2016 10.50%
21/07/2017 10.25%


[ DISCLAIMER & Index | Mail Webmaster | About Webmaster ]