Interest Rates
SARS has published the May 2022 editions of the Interest Rate Tables (Table 1 and Table 2), relating to interest rates applying to outstanding taxes as well as to refunds and credit amounts.
Alert 38
In this week's alert:
Tax deduction tables
On 11 March 2022, SARS issued an updated tax deduction table relating to different types of employment, such as independent contractors, seasonal workers, etc.
Income tax notices
Details for income tax notice 1848 relating to fixing the rate per kilometre in respect of motor vehicles and income tax notices 1843 and1844 relating to determining the daily amount in respect of meals and incidental costs are now available.
Travel eLogbook 2022
SARS has released its 2022 template of the electronic travel logbook. The logbook is available for use by taxpayers who wish to claim a deduction for the use of a private motor vehicle for business purposes.