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
See MorePoland 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
See MoreUN: High-Level Dialogue on Financing for Development
On 20 September 2023 the UN held a high-level dialogue on financing for development, including a session on Promoting inclusive and effective international tax cooperation and mobilizing domestic resources. Keynote addresses were given by the
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Australia: ATO publishes SIC and GIC rates for October to December 2023
On 12 September 2023, the Australian Taxation Office (ATO) has published the shortfall interest charge (SIC) rates and general interest charge (GIC) rates for October – December 2023. How GIC is calculated Section 8AAD of the Taxation
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Switzerland increases tax payment interest rates
On 11 September 2023, the Swiss Federal Tax Administration announced amended interest rates for late payment, refund, and advance tax payments. The announcement includes interest rates as follows: Interest rate for late payment and refund -
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Saudi 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
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Kenya: KRA announces tax amnesty on interest and penalties
On 1 September 2023, the Kenya Revenue Authority (KRA) released a public notice regarding a tax amnesty on interest and penalties introduced in the Finance Act 2023. The Kenya Revenue Authority (KRA) would like to notify taxpayers that the
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US: IRS publishes interest rates for the fourth quarter of 2023
On 25 August 2023, the U.S. Internal Revenue Service announced the interest rates for overpaid and underpaid taxes for the fourth quarter of 2023. Accordingly, the interest rates will increase for the calendar quarter beginning 1 October
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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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UAE: MoF announces penalties for corporate tax violations
On 29 July 2023, the UAE Ministry of Finance (MoF) announced the issuance of Cabinet Decision No. (75) of 2023 regarding administrative penalties for violations related to the Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and
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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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