Prescribed Rate of Interest Act, 1975

Coat of Arms

Prescribed Rate of Interest Act, 1975

Act 55 of 1975

[APPLICABILITY TO SOUTH WEST AFRICA: Section 4 states “This Act and any amendment thereof shall apply also in the territory of South West Africa, including the Eastern Caprivi Zipfel.”][TRANSFER TO SOUTH WEST AFRICA: It is not clear whether the administration of this Act was transferred to South West Africa. Section 1(2) of the Act gives the Minister of Justice power to prescribe rates of interest, suggesting that the Executive Powers (Justice) Transfer Proclamation, AG 33 of 1979, dated 12 November 1979, may have been applicable. In any event, the issue of transfer is not relevant to the content of the Act since there were no amendments to the Act in South Africa prior to Namibian independence.]ACTTo provide for the calculation of interest on a debt, in certain circumstances, at a prescribed rate; for the payment of interest on certain judgment debts; and for matters connected therewith.BE IT ENACTED by the State President, the Senate and the House of Assembly of the Republic of South Africa, as follows:-

1. Interest on a debt to be calculated at a prescribed rate in certain circumstances

(1)If a debt bears interest and the rate at which the interest is to be calculated is not governed by any other law or by an agreement or a trade custom or in any other manner, such interest shall be calculated at the rate prescribed under subsection (2) as at the time when such interest begins to run, unless a court of law, on the ground of special circumstances relating to that debt, orders otherwise.
(2)The Minister of Justice may from time to time prescribe a rate of interest for the purposes of subsection (1) by notice in the Gazette.
(3)No rate of interest shall be prescribed under subsection (2) except after consultation with the Minister of Finance.

2. Interest on a judgment debt

(1)Every judgment debt which, but for the provisions of this subsection, would not bear any interest after the date of the judgment or order by virtue of which it is due, shall bear interest from the day on which such judgment debt is payable, unless that judgment or order provides otherwise.
(2)Any interest payable in terms of subsection (1) may be recovered as if it formed part of the judgment debt on which it is due.
(3)In this section “judgment debt” means a sum of money due in terms of a judgment or an order, including an order as to costs, of a court of law, and includes any part of such a sum of money, but does not include any interest not forming part of the principal sum of a judgment debt.

3. Transitional provisions

(1)In the application of subsection (1) of section 1 to interest which had begun to run before any rate of interest was prescribed under subsection (2) of that section, the rate of interest prescribed in the first notice published in the Gazette under the last-mentioned subsection shall be deemed to have been prescribed thereunder at the time when such interest began to run.
(2)Section 2 shall not apply to a judgment debt as defined therein which became payable before the commencement of this Act.

4. Application in South West Africa

This Act and any amendment thereof shall apply also in the territory of South West Africa, including the Eastern Caprivi Zipfel.

5. Short title and commencement

This Act shall be called the Prescribed Rate of Interest Act, 1975, and shall come into operation on a date to be fixed by the State President by proclamation in the Gazette.
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History of this document

12 June 1975
Assented to

Cited documents 0

Documents citing this one 57

Gazette 33
  1. Namibia Government Gazette dated 1990-12-08 number 117
  2. Namibia Government Gazette dated 1992-08-31 number 469
  3. Namibia Government Gazette dated 1992-08-31 number 470
  4. Namibia Government Gazette dated 1995-09-01 number 1141
  5. Namibia Government Gazette dated 1997-08-05 number 1639
  6. Namibia Government Gazette dated 1998-06-30 number 1900
  7. Namibia Government Gazette dated 2000-12-22 number 2455
  8. Namibia Government Gazette dated 2001-12-29 number 2678
  9. Namibia Government Gazette dated 2004-12-08 number 3339
  10. Namibia Government Gazette dated 2007-07-03 number 3870
  11. Namibia Government Gazette dated 2007-12-31 number 3971
  12. Namibia Government Gazette dated 2008-05-06 number 4042
  13. Namibia Government Gazette dated 2008-07-01 number 4075
  14. Namibia Government Gazette dated 2008-07-15 number 4085
  15. Namibia Government Gazette dated 2010-07-15 number 4523
  16. Namibia Government Gazette dated 2011-07-15 number 4756
  17. Namibia Government Gazette dated 2012-07-16 number 4996
  18. Namibia Government Gazette dated 2013-07-15 number 5241
  19. Namibia Government Gazette dated 2014-07-15 number 5510
  20. Namibia Government Gazette dated 2014-10-08 number 5583
  21. Namibia Government Gazette dated 2015-07-15 number 5783
  22. Namibia Government Gazette dated 2016-11-25 number 6180
  23. Namibia Government Gazette dated 2017-03-01 number 6254
  24. Namibia Government Gazette dated 2017-07-14 number 6359
  25. Namibia Government Gazette dated 2018-06-15 number 6628
  26. Namibia Government Gazette dated 2018-07-31 number 6664
  27. Namibia Government Gazette dated 2018-11-01 number 6755
  28. Namibia Government Gazette dated 2018-12-28 number 6806
  29. Namibia Government Gazette dated 2019-07-15 number 6953
  30. Namibia Government Gazette dated 2021-07-01 number 7570
  31. Namibia Government Gazette dated 2021-07-30 number 7591
  32. Namibia Government Gazette dated 2022-07-01 number 7842
  33. Namibia Government Gazette dated 2022-07-01 number 7843
Judgment 14
  1. Air Namibia (Pty) Ltd v Sheelongo (13 of 2014) [2015] NALCMD 14 (17 June 2015)
  2. Bears v Labour Commissioner (HC-MD-LAB-APP-AAA 44 of 2021) [2022] NALCMD 55 (29 September 2022)
  3. Green Consulting Engineers Cc T/A Emcon Consulting Group v Minister of Works and Transport and Another (HC-MD-CIV-ACT-CON-2019/05163) [2023] NAHCMD 342 (20 June 2023)
  4. Hiskia and Another v Body Corporate of Urban Space and Others (HC-MD-CIV-MOT-GEN 143 of 2017) [2018] NAHCMD 279 (31 August 2018)
  5. Namibia National Teachers Union v Government of Republic of Namibia and Others (LCA 35 of 2017) [2018] NALCMD 2 (21 February 2018)
  6. Natural Namibia Meat Producers (Pty) Ltd v Council for the Town of Aranos (HC-MD-CIV-ACT-CON- 4960 of 2018) [2022] NAHCMD 682 (13 December 2022)
  7. Nekwaya t/a Checkers Wholesale & Supermarket v Cachalia t/a Younus Cachalia Wholesalers and Another (SA 12 of 2001) [2003] NASC 10 (18 March 2003)
  8. Pennypinchers Timbercity Windhoek and Another v Kohler (3653 of 2016) [2018] NAHCMD 232 (26 July 2018)
  9. Purity Manganese (Pty) Ltd v Katzao and Others (80 of 2010) [2011] NALC 19 (11 July 2011)
  10. QKR Namibia Navachab Gold Mine (PTY) LTD v Xoagub and Others (LC 41 of 2016) [2017] NALCMD 16 (28 April 2017)
  11. Shilongo Leather Works CC v Scheffers and Another (HC-MD-LAB-APP-AAA 59 of 2020) [2021] NAHCMD 23 (14 May 2021)
  12. Swakop Uranium v Calitz (HC-MD-LAB-APP-AAA 25 of 2020) [2021] NALCMD 19 (30 April 2021)
  13. TransNamib Holdings Ltd v Neshiko and Another (HC-MD-LAB-APP-AAA-2022/00061) [2023] NALCMD 16 (5 April 2023)
  14. Wildlife Assignment International (Pty) Ltd v Herbert Henle t/a Namib Game Services (3249 of 2014) [2019] NAHCMD 105 (16 April 2019)
Legislation 10
  1. Customs and Excise Act, 1998
  2. Deposit Guarantee Act, 2018
  3. Electoral Act, 2014
  4. Enforcement of Foreign Civil Judgements Act, 1994
  5. Labour Act, 2007
  6. Legal Practitioners Act, 1995
  7. Local Authorities Act, 1992
  8. Medical Aid Funds Act, 1995
  9. Regional Councils Act, 1992
  10. Vocational Education and Training Act, 2008