On 22 March 2024, the Russian Central Bank declared its decision to maintain the key interest rate at 16%. The key rate is a crucial factor for tax purposes regarding the safe harbor rates applied to interest income and expenses related to controlled debt. Starting from 1 January 2024, the safe harbor rates for ruble-denominated loans now vary between 10% and 150% of the key rate.
Moreover, the key rate directly influences interest penalties, which are adjusted in tandem with changes to the key rate. Corporate taxpayers are subject to interest penalties calculated at a rate of 1/300 of the key rate per day for delays up to 30 calendar days. If the delay extends beyond 30 days, the interest penalty increases to 1/150 of the key rate starting from the 31st day of delay.
