On 16 September 2022, the Central Bank of Russia (CBR) adopted a decision to cut the key interest rate from 8.0% to 7.5%.
The key interest rate is used for the purposes of calculating interest deductions and late payment interest on overdue taxes. For corporate taxpayers, the interest penalty is equal to 1/300 of the key rate per day of delay where the delay does not exceed 30 calendar days. Where the delay exceeds 30 days, the interest penalty is equal to 1/150 of the key rate beginning from the 31st day of delay.
