Ukraine cuts interest rate impacting late payment penalties
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
See MoreAustralia: ATO announces GIC and SIC rates for Q3 2023-24
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
See MoreSaudi 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
See MoreAustralia: ATO announces GIC and SIC rates for Q3 2023-24
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
See MoreTurkey increases annual deferred interest rate from November 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
See MoreSaudi Arabia: ZATCA urges taxpayers to benefit from the exemption of fines initiative before December 31
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
See MorePanama: DGI declares penalties for late filing of withholding tax returns
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
See MoreSaudi Arabia: ZATCA urges taxpayers to benefit from the exemption of fines initiative before May 31
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
See MoreTurkey increases annual deferred interest rate
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
See MoreGermany enacts the bill on the interest rate for late payment
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
See MoreCosta Rica: Ministry of Finance reduces interest rate for late payments
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.
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
See MoreEl Salvador: Ministry of Finance declares the interest rate for late tax payment
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%
See MoreSouth Africa: SARS updates interest rate tables
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
See MorePoland increases late payment interest rates in fourth time
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
See MorePoland increases late payment interest rates in third time
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
See MoreZambia publishes provisional income tax return due dates and penalties for 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
See MorePoland: MOF publishes further increases in late payment interest for tax arrears
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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