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Interest rate drops by a further 2%!
Tax Bulletin | 11 June, 2009
Dear fellow taxpayer,
Hot on the heels of the recent 1.5% plunge in the “official rate of interest” on 1 March 2009, one of Pravin Gordhan’s first official acts as Minister of Finance has been to reduce the rate from 11.5% to 9.5% from the 1st of June 2009.
Outdated bank details could cost you your refund
If you change your business’ bank details it’s your obligation to inform SARS by completing and submitting a Vat 126 form. Unless you have informed SARS of your enterprise’s banking details in writing, it won’t refund you or pay any interest on late refunds.
It’s also very important that the name of whoever holds the bank account corresponds with the name registered for Vat.
The rules for third party bank accounts have changed
From 1 April 2009, only non-resident and subsidiary companies of a holding company can use the bank account of a third party to receive a refund. No other vendors will be allowed to use third part bank account to receive refunds.
Stay tax savvy,
Matsika Vengesa
Editors note
Fulvia Becatti
Tax Bulletin Editor
The Tax Bulletin is packed full of tax tips, commentary on changes to the tax landscape and is also an interactive tax forum which aims to help you efficiently manage your taxes and avoid all the traps. It is also a handy reminder of the deadlines which taxpayers have to meet.
