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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Kazakhstan: National Bank sets its base rate from January 2023
On 13 January 2023, the Monetary Policy Committee of the National Bank of the Republic of Kazakhstan made a decision to set the base rate 16.75% annually with the interest rate corridor of +/- 1.0 percentage points. The rate is used for computing
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Australia: ATO announces latest GIC and SIC rates
The Australian Taxation Office (ATO) has announced the latest general interest charge (GIC) rates and shortfall interest charge (SIC) rates for the third quarter of the 2022-23 income year. The General Interest Charge (GIC) annual rate is 10.06%
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Italy declares statutory interest rate for 2023
Italy has published the Decree of 13 December 2022 in the Official Gazette, which sets 5% statutory interest rate (previously 1.25%) with effect from 1 January 2023. The statutory interest rate will be used for interest payment in case of
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UK: HMRC increases late payment interest rates
The UK HMRC has declared that, the Bank of England Monetary Policy Committee voted on 3 November 2022 to increase the Bank of England base rate to 3% from 2.25%. HMRC interest rates are linked to the Bank of England base rate. As a consequence
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South Africa: SARS publishes updated interest rate tables
On 13 September 2022, the South African Revenue Service (SARS) issued updated interest rate tables. The South African Reserve Bank changed the “repo rate” on 22 September 2022, effective on 1 October 2022. The tables of interest rates are
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Lithuania: MoF announces reduced interest rate on deferred tax payment
On 27 September 2022, the Lithuanian Ministry of Finance (MoF) published the Order No.1K-325 providing a reduced interest rate on deferred payment (tax loan agreements) of taxes and fines for administrative offenses. Usually, it is equal to 0.01%
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Poland increases late payment interest rates in seventh time
On 20 September 2022, the Polish Ministry of Finance published the increased interest rates on tax arrears as well as on the late payment. This is the 7th time; Poland increases the rate in 2022. Accordingly, the standard rate is increased from
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Russia: CBR cuts interest rate again
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
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Malta amends the interest rate on unpaid tax
On 14 September 2022, Malta issued Legal Notice 228 of 2022 on Income Tax (Rate of Interest) (Amendment) Rules, 2022. Accordingly, the date by which the tax is payable in terms of the relevant provisions of the Income Tax Acts is 31 August 2022 or a
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Argentina: MoE publishes new late tax payment and refund interest rates
On 23 August 2022, the Argentine Ministry of Economy published Resolution 559/2022, which provides new rates for late tax payments and reimbursement interest. The latest repeals Resolution 598/2019, which established rules for setting interest rates
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UK updates late payment interest rates
On 5 August 2022, the HMRC declared the revision of late payment and repayment interest rates following the base rate increase by the Bank of England to 1.75%. The Bank of England Monetary Policy Committee voted on 4 August 2022 to increase the
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Russia: CBR cuts the Key Interest Rate to 8.0%
On 22 July 2022, the Central Bank of Russia (CBR) adopted a decision to cut the key interest rate from 9.5% to 8.0%. The key rate also impacts interest penalties, which are adjusted along with the adjusted key rate. For corporate taxpayers, the
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Turkey increases the late tax payment interest rate
On 21 July 2022, the Turkish Revenue Administration has issued Presidential Decision No. 5801, through which the late tax payment interest rate has been increased from 1.6% to 2.5% per month. The previous rate was applicable from 30 December 2019,
See MorePoland increases late payment interest rates in fifth time
On 15 June 2022, the Polish Ministry of Finance fifth time published the increased interest rates on tax arrears as well as on the late payment. Accordingly, the standard rate is increased from 13.5% to 15% per annum; the reduced rate (applies when
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Russia: CBR cuts the key rate to 9.50%
On 10 June 2022, the Central Bank of Russia announced its decision to lower the policy rate after the Bank of Russia Board of Directors decided to cut the policy rate by 150 basis points to 9.50% per year. For tax purposes, the base rate is used
See MoreUkraine: National Bank increases the interest rate from June 2022
On 2 June 2022, the National Bank of Ukraine decided to increase its key policy rate from 10% to 25% per annum with effect from 3 June 2022. 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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