ED RICHARDSON THE SOUTH African Revenue Service has announced a drop of 1% in the interest rates it charges for outstanding taxes, duties and levies, as well as the rates it pays on refunds. According to a SARS statement, the following interest rates will apply from 1 November 2004: l Interest charged in respect of outstanding tax will decrease from 11.5% to 10.5% l Interest paid to taxpayers in respect of refunds of provisional tax overpaid will decrease from 7.5% to 6.5%. l Interest paid to taxpayers on refunds of tax where an appeal is upheld in court or conceded by the Commissioner will decrease from 11.5% to 10.5%.
