SARS updates – interest rates, foreign exchange rates, subsistence & reimbursive travel
SARS issued updated notices and schedules during the first week of March 2020 which may be of interest to you or affect your staff:
- Subsistence Allowance rates and advances for both local and foreign travel (with effect from 1/3/2020):
- Rate per day (local) – R139 for incidentals only
- Rate per day (local) – R452 for meals and incidentals
- Rate per day (foreign) – rate per day depending on country visited
- Determination of rate per kilometre for Travel allowance and reimbursive travel rate per kilometre R3.98 p/km (with effect from 1/3/2020).
- Updated SARS interest tables for amounts owing to and by SARS with effect from 1/5/2020, while the SARS “official rate of interest” (used for certain fringe benefits) was updated to 7.25% from 1/2/2020 onwards.
- Updated foreign exchange translations for each respective tax year-end (Table A) and month-end (Table B) as published by SARS.
These updates would be effective 1 March 2020 onwards (or otherwise where indicated by the notice).