INCOME TAX (RATE OF INTEREST) RULES

INCOME TAX (RATE OF INTEREST)

SUBSIDIARY LEGISLATION 372.28

INCOME TAX (RATE OF INTEREST) RULES

1st January, 2016

LEGAL NOTICE 295 of 2015, as amended by Legal Notices 304 of 2019

and 99 and 228 of 2022.

(1) The title of these rules is the Income Tax (Rate of

Interest) Rules.

(2) These rules shall come into force as from 1st January 2016,

with regard to any period or part thereof commencing on or after

that date.

The interest applicable as provided for by article 44(2A) of

the Income Tax Management Act shall be zero point five four per

cent (0.54%)

Provided that in respect of any period or part thereof

commencing on or after 1 January 2020, the said interest shall be at the

rate of zero point three three per cent (0.33%)

Provided further that when the date by which the tax is

payable in terms of the relevant provisions of the Income Tax Acts is

the 31st August 2022 or a later date, interest shall be charged at the

rate of zero point six per cent (0.6%) for every month or part thereof

during which the tax remains unpaid and the total interest shall not

exceed the amount of the said tax.