South Africa issues interpretation note on interest withholding tax

South African Revenue Service has published an interpretation note on withholding tax on interest payments.

The note contains an interpretation and application of the relevant provisions of the Income Tax Act. It includes guidance on specific areas such as exemptions from withholding tax on interest, liabilities of the payer and recipient of South African-source interest, payment of the withholding tax, refund of withholding tax, among other things.

The interpretation note also contains a chapter on collective investment schemes.