SARS Interest Exemption 2014
<h2>The South African Revenue Service Interest Exemption for Individuals 2014</h2>
Individuals under 65 = R23 800
Individuals over 65 = R34 500
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Special rules apply to foreign interest (interest earned on bank account outside South Africa) as well as to individuals who are not tax resident in South Africa. Foreign interest is only exempt for the first R3,700 and this R3,700 must first be used to exempt foreign dividends. See below for non-residents.
Interest is exempt where earned by non-residents who are physically absent from South Africa for at least 182 days during the 12 month period before the interest accrues or is received and who were not carrying on business in South Africa through a fixed place of business during that period of 12 months. From 1 January 2015 the debt from which the interest arises must not be effectively connected to a fixed place of business in South Africa.