US: IRS announces unchanged interest rates for Q2 2025
The US Internal Revenue Service (IRS), announced – on 6 March 2025 – that the interest rates will remain the same for the calendar quarter beginning 1 April 2025. For individuals, the rate for overpayments and underpayments will be 7% per
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 MoreSouth Africa: SARS updates interest rate tables
The South African Revenue Service (SARS) has recently released updated interest rate tables updated on 14 March 2022. Interest rates charged in terms of the legislation administered by SARS are split into three main categories, i.e. – Table 1:
See MoreRussia increases the interest rates to 20%
On 28 February 2022, the Russian Central Bank has announced the decision to increase the key rate from 9.50% to 20%. The measure was taken in response to the Russian invasion of Ukraine, followed by harsh sanctions and the collapse of the
See MoreGermany publishes draft law on the interest rate for late payment
On 23 February 2022, the Treasury Department published a bill that would provide a reduced rate of interest on overpayments and tax refunds. The draft bill provides for reduced default interest of 0.15% per month (1.8% per year) on overpayments
See MoreSouth Africa: SARS updates interest rate tables
On 18 January 2022, the South African Revenue Service (SARS) published updated interest tables. The South African Reserve Bank changed the “repo rate” on 27 January 2022. For ease of reference, the tables of interest rates are given below in
See MoreUkraine: National Bank increases the interest rate from January 2022
On 20 January 2022, the National Bank of Ukraine has decided to increase its key policy rate from 9% to 10% per annum with effect from 21 January 2022. The interest rate has a tax effect on the late tax payment interest and penalties
See MoreUkraine: National Bank increases the interest rate from December 2021
On 9 December 2021, the National Bank of Ukraine has decided to increase its key policy rate from 8.5% to 9% per annum with effect from 10 December 2021. The interest rate has a tax effect on the late tax payment interest and penalties which is
See MoreVietnam issues decree on additional tax support measures for 2021
On 27 October 2021, the Department of Taxation (GDT) published Decree No. 92/2021 / ND-CP of 27 October 2021, which contains implementing provisions for the application of Decision No. 406 / NQ-UBTVQH15 to provide additional tax assistance contains
See MoreIndia: SC finds Mitsubishi is not liable for interest on late advance tax
On 17 September 2021, in the DIT vs Mitsubishi Corporation case, the Supreme Court ruled that a taxpayer should not liable for interest on late tax advances prior to fiscal 2012/2013 if the income payer failed to deduct the tax at source. The
See MoreUkraine: National Bank increases the interest rate from September 2021
On 9 September 2021, the National Bank of Ukraine has decided to increase its key policy rate from 8% to 8.5% per annum with effect from 10 September 2021. The interest rate has a tax effect on the late tax payment interest and penalties which is
See MoreUS: IRS publishes interest rates for Q4 maintaining the same as 3rd quarter
On 25 August 2021, the U.S. Internal Revenue Service announced interest rates for the fourth quarter which remains the same as third quarter. The fourth quarter will be started from 1 October 2021 with the following rates: 3% for overpayments
See MoreUkraine: National Bank increases the interest rate from July 2021
On 22 July 2021, the National Bank of Ukraine has decided to increase its key policy rate from 7.5% to 8% per annum with effect from 23 July 2021. The interest rate has a tax effect on the late tax payment interest and
See MoreUkraine: National Bank increases the interest rate from April 2021
On 15 April 2021, the National Bank of Ukraine has decided to increase its key policy rate from 6.5% to 7.5% per annum with effect from 16 April 2021. The interest rate has a tax effect on the late tax payment interest and
See MorePeru: SUNAT reduces late payment interest rate from April 2021
On 30 March 2021, the Peruvian tax authorities (SUNAT) has issued Resolution 000044-2021/SUNAT in the Official Gazette, through which SUNAT has decided to reduce the late payment interest rate from 1% to 0.9% per month on the amount of tax due with
See MoreUS: 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 MorePuerto Rico extends certain filing and payment due dates due to ‘Isaias’
On 3 August 2020, the Puerto Rico Treasury Department has published Administrative Determination No. 20-20 of 31 July 2020 postponing all filing and payment deadlines until 7 August 2020 that were due 31 July 2020 due dates due
See MoreMalta: Parliament enacts the Budget Measures Implementation Act 2020
On 20 March 2020, the Maltese Parliament has enacted the Budget Measures Implementation Act 2020. Through the enactment of this legislation, amendments were made to the Income Tax Act (ITA), Value Added Tax Act (VATA), Income Tax Management Act
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