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New developments on Withholding Tax on Interest (WTI)

24 April 2015   (0 Comments)
Posted by: Author: SARS
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Author: SARS

I would like to draw your attention to important information pertaining to withholding tax on interest (WTI). Please note that SARS has sequenced the delivery of WTI into two phases.

Details include:

  • The first phase will comprise the ability to make payments on eFiling. From 13 April 2015, taxpayers can make WTI payments on eFiling. The person or entity paying the interest must calculate the amount of tax to be paid to SARS (15% of the interest payment or applicable % as per existing double taxation agreement between South Africa and the foreign entity’s country) and make the payment to SARS within 30 days after the month in which the interest was paid to the foreign person/entity. Remember, if the last day of the month is a public holiday or weekend, the payment must be made on the last business day before the public holiday or weekend. 
  • When launched, the second phase will provide the taxpayer with a declaration form that must be completed before making the payment. Further communication on how to complete the declaration form will be issued once this form is live.

Please note that WTI payments can only be paid to SARS electronically via eFiling.  For more information on how to make the payment on eFiling, please go to sars.gov.za >Types of Tax > Withholding Tax > then on this page look for the how to pay WTI link  or click on the following link How To Pay WTI on eFiling


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