Public Finance Management Act, 1999 (Act No. 1 of 1999)Chapter 9 : General Treasury Matters80. Determination of interest rates for debt owing to state |
Interest rates : (all rates referred to are simple interest)
From
|
To |
Interest rate |
Gazette
|
Notice Number |
30 Sep 79 |
6 % pa |
|||
1 Oct 79 |
31 Mar 84 |
8 % pa |
||
1 Apr 84 |
31 Oct 89 |
12 % pa |
||
1 Nov 89 |
31 Aug 00 |
16 % pa |
||
1 Sep 00 |
30 Jun 01 |
14,75 % pa |
Gazette 21483 dd 25 Aug 00 |
2937 of 2000 |
1 Jul 01 |
30 Sep 01 |
14 % pa |
Gazette 22401 dd 20 Jun 01 |
1562 of 2001 |
1 Oct 01 |
28 Feb 02 |
13 % pa |
Gazette 22719 dd 1 Oct 01 |
2104 of 2001 |
1 Mar 02 |
31 Mar 02 |
13,5 % pa |
Gazette 23185 dd 27 Feb 02 |
297 of 2002 |
1 Apr 02 |
30 Jun 02 |
14,5 % pa |
Gazette 23268 dd 28 Mar 02 |
418 of 2002 |
1 Jul 02 |
30 Sep 02 |
15,5 % pa |
Gazette 23565 dd 27 Jun 02 |
1051 of 2002 |
1 Oct 02 |
16,5 % pa |
Gazette 23844 dd 20 Sep 02 |
1743 of 2002 |
|
1 Sep 03 |
14% pa |
2261 of 2003 |
||
1 Oct 03 |
13% pa |
2524 of 2003 |
| (1) | The Minister, by notice in the national Government Gazette, must determine— |
| (a) | a uniform interest rate applicable to loans granted out of a Revenue Fund; and |
| (b) | a uniform interest rate applicable to all other debts which must be paid into a Revenue Fund. |
The following has been published in a separate Government Gazette, No. 23727, on 8 August 2002 as Notice No 1410 of 2002.
| (2) | Debts to the State resulting from the service relationship between public servants and the State shall be recovered without interest, with the exception of the following categories of debt, which shall be levied with interest at a rate as determined by the Minister in terms of section 80(1)(b) of the Public Finance Management Act of 1999: |
| (a) | Wrongly granted remuneration, as defined in section 38 of the Public Service Act, 1994 where the person concerned has left the employ of the State, or where the monetary advantage resulted from his or her own fraudulent action; or |
| (b) | Loss and/or damage which originates as a result of circumstances where mala fides (evil intention) or the intentional causing of losses or damage were present, or where the person concerned has left the employ of the State; or |
| (c) | Breach of contract or any delictual claim relating to the contractual relationship. |
| (3) | Debts to the State by debtors who are not in the employ of the State, are to be recovered with interest at a rate as determined by the Minister in terms of section 80(1)(b) of the Public Finance Management Act of 1999, with the exception of the following categories of debt, which are to be recovered without interest: |
| (a) | Overpayment of amounts paid to a debtor for social and unemployment benefits; or |
| (b) | Debts resulting from support provided by State medical institutions to State patients. |