“prescribed rate” in relation to any interest payable in terms of this Act means a rate equal to the rate fixed from time to time by the Minister by notice in the Gazette in terms of section 80(1)(b) of the Public Finance Management Act, 1999 (Act No. 1 of 1999): Provided that where the Minister fixes a new rate in terms of that Act, that new rate applies for purposes of this Act from the first day of the second month following the date on which that new rate came into operation;

[Definition of “prescribed rate” inserted by section 1 of Act 61 of 1993, amended by section 9 of Act 20 of 1994, GN 1505 of 1998, GN 541 of 1999, GN 1065 of 1999, GN 184 of 2000 and GN 1160 of 2002 and substituted by section 114 of Act 74 of 2002 and section 43 of Act 16 of 2004]

[Definition of “prescribed rate” to be substituted by section 271 of Act 28 of 2011 with effect from a date determined by the President by proclamation in the Gazette]