On 14 September 2018, Russia’s central bank raised the late tax payment interest rate from 7.25% to 7.5% and said it would not make any foreign currency purchases until the end of the year, citing the risk of higher inflation and rouble volatility. It was the first time the central bank had raised the key rate since late 2014 when it had to step in to help stabilise the tanking rouble. The late payment interest rates are calculated as follows:
For corporate taxpayers, the interest penalty is equal to 1/300 of the Central Bank rate per day of delay where the delay does not exceed 30 calendar days. Where the delay exceeds 30 days, the interest penalty is equal to 1/150 of the Central Bank rate beginning from the 31st day of delay.
The Bank of Russia Board of Directors will hold its next rate review meeting on 26 October 2018.
