SARS updates – interest rates, foreign exchange rates, subsistence & reimbursive travel

Mar 11, 2020 | Taxation Blog

SARS issued updated notices and schedules during the first week of March 2020 which may be of interest to you or affect your staff:

  • 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).

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