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Is there income tax payable on interest received from SARS?

Posted 12 August 2015

Rika says:
12 August 2015 at 11:38

Is there income tax payable on interest received from SARS?
Which section in the tax act does this come from?

TaxTim TaxTim says:
12 August 2015 at 12:15

Yes, interest income from a South African source earned by a SA tax resident is taxable however there is an annual exemption for individuals of R23,800 (under age 65 years) and R34,500 (over age 65 years).

This is in Section 10 (1) (i) of the Income Tax Act.

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