CATEGORIES
- (41)Agriculture, Land Reform & Rural Development
- (31)Auditors & Accountants
- (10)Broad-based Black Economic Empowerment
- (7)Built Environment
- (86)Communications & Digital Technologies
- (2)Company Law
- (3)Consumer Law
- (35)Courts
- (5)Criminal Law
- (1)Cybercrimes
- (2)Disaster Management
- (19)Education & Training
- (8)Electoral Law
- (130)Environmental Law
- (4)Family Law
- (190)Financial Sector
- (5)Fisheries & Aquaculture
- (10)General Interest
- (29)Health & Safety
- (26)Home Affairs
- (4)Housing
- (31)In the Spotlight
- (1)International Co-operation
- (89)Justice & Constitutional Development
- (74)Labour Law
- (23)Legal Practice Council
- (27)Local & Provincial Government
- (35)Minerals & Energy
- (1)Monetary Policy
- (2)National Development Plan
- (37)National Treasury
- (94)New Legislation
- (29)Opportunities for Public Comment
- (9)POPIA
- (371)Parliament
- (1)Practice Management
- (8)Presidency
- (19)Property Law
- (9)Public Service
- (4)Retirement Reform
- (19)Road Accident Fund
- (30)Safety and Security
- (1)Science, Innovation & Technology
- (13)Small Business Development
- (28)Social Development
- (13)Sport, Arts & Culture
- (15)State Owned Enterprises
- (4)State of Disaster (energy)
- (26)Taxation
- (9)Tourism
- (102)Trade, Industry & Competition
- (47)Transport
- (21)Water & Sanitation
- (1)Wills, Estates & Trusts
- Show All
SARB: INPUT SOUGHT ON TAX-RELATED JIBAR TRANSITION WHITE PAPER
- 23 April 2026
- Financial Sector
- SA Legal Academy
The South African Reserve Bank’s (SARB’s) Market Practitioners’ Group has published a draft White Paper on the tax implications of transitioning from the Johannesburg Interbank Average Rate (Jibar) to the South African Rand Overnight Index Average (ZARONIA) as the preferred reference rate. This is noting that, on 3 December 2025, the SARB issued a media statement confirming that the Jibar ‘will be permanently discontinued immediately after its final publication on 31 December 2026’.
According to an accompanying press release, the purpose of the draft White Paper is ‘to help market participants evaluate the potential tax consequences that may arise from various methods of transitioning Jibar-linked contracts to ZARONIA. Input is sought by 21 May 2026.
The press release also draws attention to the ‘no new Jibar’ initiative, which makes 1 May 2026 the date on which market participants are expected to cease issuing new financial contracts referencing the Jibar, ‘except in clearly defined and limited cases’.
With that in mind, the Prudential Authority and Financial Sector Conduct Authority have jointly issued a communication outlining ‘supervisory expectations’ of the ‘no new Jibar’ initiative’s implementation. It should be read with a document outlining Market Practitioners’ Group recommendations intended to:
- ‘ensure minimal market disruption’
- facilitate ‘an orderly transition’ and
- ‘help build liquidity’ in ZARONIA as the ‘designated successor rate’.
Please click the links below for more information:
- draft White Paper
- PA-FSCA joint communication
- Market Practitioners’ Group recommendations
- SARB media statement on draft White Paper
- 3 December 2025 SARB media statement
Published by SA Legal Academy Policy Watch
Follow us on X @SALegalAcademy (you can also join us on LinkedIn and Facebook)
If you use this information in articles, reports and social media posts of your own, please acknowledge SA Legal Academy Policy Watch as your source