Ireland implements 0% interest on debt in warehouse scheme
On 6 February 2024, Irish Revenue declared that it would implement a 0% interest rate on warehoused debt and that the necessary legislation to implement the reduction would be introduced at the next available opportunity. Irish Revenue also
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Saudi Arabia: ZATCA extends tax penalty relief measures until 30 June 2024
On 29 December 2023, Saudi Arabi’s Zakat, Tax and Customs Authority (ZATCA) announced the extension of the "Cancellation of Fines and Exemption of Penalties initiative until 30 June 2024. ZATCA stated that the initiative's extension, which ends
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Kazakhstan: National Bank reduces the annual base interest rate from November 2023
On 24 November 2023, the National Bank of Kazakhstan decided to reduce the annual base interest rate from 16.00% to 115.75% annually with the interest rate corridor of +/– 1 percentage point. The rate is effective from 27 November 2023 and is
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Turkey increases late tax payment interest rate
On 14 November 2023, the Turkish Revenue Administration issued Presidential Decision No. 7782, through which the late tax payment interest rate has been increased from 2.5% to 3.5% per month. The previous rate was applicable from 21 July 2022, and
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Ukraine: National Bank reduces interest rate from October 2023
On 26 October 2023, the National Bank of Ukraine decided to reduce its key policy rate from 20% to 16% per annum with effect from 27 October 2023. The interest rate has a tax effect on the late tax payment interest and penalties which is equal to
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Poland lowers late payment interest rates
On 4 October 2023, the Monetary Policy Council of the National Bank of Poland decided to lower interest rates, effective 5 October 2023. This decision will lead to a reduction in the interest rates applicable to tax arrears and late payments, as
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Angola introduces tax relief program for voluntary settlement of outstanding tax debts
On 12 September 2023, the General Tax Administration of Angola (Administração Geral Tributária) announced a tax relief program for voluntary settlement of outstanding tax debts. Accordingly, taxpayers can benefit from partial relief from fines
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Poland lowers the interest rates for late payments
On 15 September 2023, the Polish Ministry of Finance issued a statement announcing a reduction in the interest rates for late payments. Consequently, the standard rate has been decreased from 16.5% to 15.0% annually, the reduced rate has been
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Greece: AADE announces decision remain unchanged interest rates for late and undue tax payment
On 9 August 2023, the Greek Public Revenue Authority (AADE) issued Decision A.1121 of 3 August 2023. Greece has opted to keep the existing interest rates for late tax payments and the refund of improperly paid taxes intact, despite an upward
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Russia: CBR announce decision to increase the key interest rate
On 15 August 2023, the Central Bank of Russia (CBR) declared a significant increase in the key interest rate, raising it by 350 basis points from 8.5% to 12.00% annually. This decision was made to address the growing concerns related to price
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Ukraine: National Bank reduces interest rate from July 2023
On 27 July 2023, the National Bank of Ukraine decided to reduce its key policy rate from 25% to 22% per annum with effect from 28 July 2023. The interest rate has a tax effect on the late tax payment interest and penalties which is equal to 120% of
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Saudi Arabia: GAZT extends tax penalty relief measures up to December 2023
On 25 July 2023, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) announced the extension of tax penalty relief measures in response to the COVID-19 pandemic. Accordingly, the taxpayers can be exempted from fines and financial penalties for
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South Africa: SARS updates interest rate tables
On 11 July 2023, the South African Revenue Service (SARS) has published updated interest rate tables . the interest rates tables are given below in three separate documents, numbered according to the following three categories: Table
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Uganda: Minister of Finance presents Budget for 2023/2024 to the Parliament
On June 15, 2023, the Ugandan Minister of Finance, Planning, and Economic Development, Mr. Matia Kasaija, presented the budget for financial year 2023/2024 to the Parliament. On that day, Income Tax (Amendment) Bill 2023 was also passed which was
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Turkey issues law on restructuring public receivables and amendment to certain laws
On 12 March 2023, Turkey issued Law No. 7440 on restructuring public receivables and amendment to certain laws. The Law has brought about an important change by introducing a one-time additional tax for specific corporate taxpayers who have utilized
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Netherlands: Late payment interest rates for CIT and WHT remain unchanged
On 23 February 2023, the State Secretary for Finance issued a letter announcing that the interest rates for late payment of corporate income tax (CIT) and withholding tax (WHT) will remain unchanged at 8% after March 1, 2023. Additionally, the
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El Salvador: Ministry of Finance announces interest rate for late tax payments
On 1 February 2023, the El Salvador Ministry of Finance has released a notice on the applicable interest rates for late tax payments for the period from 1 February 2023 to 31 July 2023. This includes an annual interest rate of 6.35%, 60 days after
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South Africa: SARS updates interest rate tables
On 27 January 2023, the South African Revenue Service (SARS) has published updated interest rate tables . the interest rates tables are given below in three separate documents, numbered according to the following three categories: Table
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