US: IRS publishes the interest rates on overpaid and underpaid tax for Q2 2021
On 2 March 2021, the Internal Revenue Service announced that interest rates for the calendar quarter beginning April 1, 2021. The rates are unchanged from the previous quarter. The rates are: 3% for overpayments (2% in the case of a
See MoreEl Salvador: Ministry of Finance publishes interest rates for late tax payment
On 29 January 2021, the El Salvador's Ministry of Finance has issued a notice regarding interest rates for late tax payments during the period 1 February to 31 July 2021. This includes an annual interest rate of 6.77%, which is increased to 10.77%
See MoreCosta Rica publishes interest rate for late tax payments and refunds of overpayments
On 18 December 2020, Costa Rica's Ministry of Finance has published the Resolution DGH-054-2020 and DGA-542-2020 providing reduced the interest rate for late tax payments and refunds of overpayments to 10.31% (from 10.54%). The rate is based on the
See MoreUS: IRS announces interest rates for overpaid and underpaid tax for 1st quarter of 2021
On 3 December 2020, the Internal Revenue Service announced that interest rates for overpaid and underpaid tax for 1st quarter of 2021 which are unchanged from the previous quarter. The rates will be: three (3) percent for overpayments (two (2)
See MoreCosta Rica: MOF announces interest rate for late tax payment & overpayments refunds
On 16 September 2020, Costa Rica's Ministry of Finance has published Resolutions Nos. DGH-042-2020 and DGA-425-2020, reducing the interest rate to 10.5 percent from 12.2 percent for late tax payments and overpayment refunds. The resolution entered
See MoreUS: IRS announces interest rates for overpaid and underpaid tax for Q4
On 3 September 2020, the Internal Revenue Service announced that interest rates will remain the same for the calendar quarter beginning October 1, 2020. The rates will be: 3% for overpayments (2% in the case of a corporation);0.5% for the
See MoreFinland: Tax authority publishes updated base and reference rate for tax purposes
On 31 July 2020, the Finnish Tax Authority has published updated guidelines on the base and reference rate for tax purposes One of the key aspects of the update is in regard to interest due for late payment, which includes that interest on arrears
See MoreKazakhstan: National Bank decides to reduce base interest rate
On 20 July 2020, the National Bank of Kazakhstan was made an announcement that they have decided to reduce the base rate from 9.5% to 9.0% per annum and it is effective from 21 July 2020. The rate is used in determining the late payment interest,
See MoreItaly introduces tax payment deferral provision
On 27 June 2020, Italy has published the Decree in the Official Gazette regarding deferral payment for certain taxpayers not qualifying for deferrals under Law Decree No. 34 of 19 May 2020, the so-called "Relaunch Decree" in response to the
See MoreHungary: The central bank reduces base interest rate for late tax payment
On 23 June 2020, the Hungarian central bank reduces the base interest rate from 0.9% to 0.75% in order to maintain price stability and support economic recovery from the COVID-19 pandemic. With respect to taxes, the base rate is used for different
See MoreUS: IRS releases interest rates on overpaid and underpaid tax for third quarter
On 4 June 2020, the U.S. Internal Revenue Service announced that interest rates for overpaid and underpaid tax for the calendar quarter beginning 1 July 2020, which are reduced by 2% compared to the previous quarter. The rates will
See MoreNetherlands introduces emergency package 2.0 in response to COVID-19 pandemic
On 20 May 2020, the government of the Netherlands further announced relief measures (emergency package 2.0) in response to COVID-19 pandemic. The key issues of extended and new measures in “emergency package 2.0” is following: The
See MoreNorway issues revised budget for the fiscal year 2020
On May 12, 2020, the Norwegian government submitted a proposal for a revised budget for 2020. The revised budget includes increased flexibility for taxpayers to request an extension of tax obligations due to difficulties related to the COVID 19
See MoreEstonia: Parliament passes supplementary budget amid COVID-19 pandemic
On 15 April 2020, The Estonian Parliament has issued a press release announcing that the Act on the supplementary budget has been passed to implement the economic measures related to the spread of the COVID-19. The aim of the measures is to
See MoreEstonia suspends interests on tax arrears due to COVID-19 outbreak
On 19 March 2020, Estonia tax authority has suspended the calculation of interests on their tax arrears for the period of emergency with retroactive effect as from 1 March 2020 to 1 May 2020. However, all tax returns must be submitted on time
See MoreAustria: Finance Ministry publishes a Decree regarding tax relief due to COVID-19
On 14 March 2020, the Finance Ministry published a Decree regarding the support for companies during the period of coronavirus effect. Finance Ministry also published a Form by which businesses can apply for tax relief in this situation. The tax
See MoreCzech Republic: Government approves measures to mitigate Coronavirus effect
On 16 March 2020, the Government approved the tax measures to mitigate the effects of COVID-19. Basic measures to be implemented are: No penalty and late-payment interest will apply, as long as the tax return is filed by 1 July 2020. In fact,
See MoreRussia reduces the Interest rate from October 2019
On 25 October 2019, the Russian Central Bank announced the decision to reduce the key rate from 7% to 6.5% with effect from 28 October 2019. For tax purposes, the key rate is important in relation to the safe harbor rates for interest income and
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