NEWS JUST IN from the South African Reserve Bank, Pay Solutions bring you ‘breaking news’ as it comes in to ensure that their clients are informed ahead of time. Please note changes with immediate effect
South African Reserve Bank
The South African Reserve Bank expectantly increased the repo rate by 25 basis points. The repo rate is 6.25 percent, effective November 2015. Therefore for employers that offer Low Interest or Interest Free Loans will have to make the necessary adjustment to the Fringe Benefit value of the Loan to 7.25%. This new rate is effective from 1 Dec.
Does this apply to you? company cars retail market value principal that came into effect on the 1st March 2015. Pay Solutions strive to always put our clients first by delivering the best payroll advice and service. An important part of the service offered is to keep up to date at ALL times on legislation changes.