Ukraine cuts interest rate impacting late payment penalties

March 18, 2024

On 14 March 2024, the Board of the National Bank of Ukraine announced it had reduced the discount rate from 15% to 14.5% annually, effective from 15 March 2024. Previously, the key policy rate was lowered from 16.0% to 15.0% starting 15 December

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Australia: ATO announces GIC and SIC rates for Q3 2023-24

March 08, 2024

On 4 March 2024, the Australian Taxation Office (ATO) announced the general interest charge (GIC) rates and shortfall interest charge (SIC) rates for the fourth quarter of the 2023-24 income year. For the quarter commencing on 1 March 2024, the GIC

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Saudi Arabia: ZATCA extends tax penalty relief measures until 30 June 2024

January 11, 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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Australia: ATO announces GIC and SIC rates for Q3 2023-24  

December 08, 2023

The Australian Taxation Office (ATO) has announced the general interest charge (GIC) rates and shortfall interest charge (SIC) rates for the third quarter of the 2023-24 income year. For the quarter commencing on 1 January 2024, the GIC annual

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Turkey increases annual deferred interest rate from November 2023

November 22, 2023

On 14 November 2023, the Turkish Revenue Administration announced that the annual deferred interest rate has been increased from 24% to 36% in accordance with the General Communiqué on Collection of Serial: C Sequence No: 7. The deferred interest

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Saudi Arabia: ZATCA urges taxpayers to benefit from the exemption of fines initiative before December 31

September 14, 2023

On 10 September 2023, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) issued a statement urging all taxpayers subject to tax laws to take advantage of the “Cancellation of Fines and Exemption of Financial Penalties Initiative” that is

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Panama: DGI declares penalties for late filing of withholding tax returns

May 10, 2023

On 17 April 2023, the Panamanian tax authority (DGI) released Resolution No. 201-3486, which introduced penalties for employers who do not submit their monthly withholding tax returns Form 03 for employment income (in Spanish, Planilla 03). The

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Saudi Arabia: ZATCA urges taxpayers to benefit from the exemption of fines initiative before May 31

May 08, 2023

On 2 May 2023, Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) issued a statement urging all taxpayers subject to tax laws to take advantage of the Cancellation of Fines and Exemption of Financial Penalties Initiative that is ending on 31

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Turkey increases annual deferred interest rate

July 25, 2022

On 21 July 2022, the Turkish Revenue Administration has announced that the annual deferred interest rate has been increased from 15% to 24% in accordance with the General Communiqué on Collection of Serial: C Sequence No: 6. The General Communiqué

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Germany enacts the bill on the interest rate for late payment

July 18, 2022

On 21 July 2022, The Ministry of Finance published the bill providing for a reduced rate for late interest payments on excess payments and refunds of tax in the Official Gazette. The bill had been previously approved by the lower house of the

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Costa Rica: Ministry of Finance reduces interest rate for late payments

June 29, 2022

On 24 June 2022, the Costa Rican Ministry of Finance has published the resolution RES-DGH-026-2022/RES-DGA-187-2022 providing to decrease the interest rate applicable on late payments of taxes, surcharges and penalties, and on tax refunds.

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Poland increases late payment interest rates in fifth time

June 25, 2022

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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El Salvador: Ministry of Finance declares the interest rate for late tax payment

June 06, 2022

On 3 May 2022, the Ministry of Finance has published a notice announcing the interest rate for tax payments during the period 1 February to 31 July 2022. Accordingly. the average interest rate is 6.43% per year which will be increased to 10.43%

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South Africa: SARS updates interest rate tables

May 26, 2022

On 18 May 2022, the South African Revenue Service (SARS) published updated interest rate tables.  The South African Reserve Bank changed the “repo rate” on 19 May 2022, effective 1 June 2022. For ease of reference, the tables of interest

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Poland increases late payment interest rates in fourth time

May 23, 2022

On 11 May 2022, the Polish Ministry of Finance fourth time published the increased interest rates on tax arrears as well as on the late payment. Accordingly, the standard rate is increased from 12% to 13.5% per annum; the reduced rate (applies

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Poland increases late payment interest rates in third time

April 26, 2022

On 12 April 2022, the Polish Ministry of Finance third time published the increased interest rates on tax arrears as well as on the late payment. Accordingly, the standard rate is increased from 10% to 12% per annum; the reduced rate (applies

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Zambia publishes provisional income tax return due dates and penalties for 2022

March 23, 2022

Recently, the Zambia Revenue Authority (“ZRA”) released the due dates and associated penalties for the purposes of provisional income tax returns for the first quarter for the tax year 2022. For the 2022 tax year, the following due dates and

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Poland: MOF publishes further increases in late payment interest for tax arrears

March 22, 2022

On 11 March 2022, the Polish Ministry of Finance second time published the increased interest rates on tax arrears as well as on the late payment of tax, tax advances, or social security contributions. Accordingly, the standard rate is increased

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