Recently, the Board of Directors of the Bank of Russia decided to lower its key (interest) rate from 7.75% to 7.50% with effect from 17 June 2019.
The key rate has an effect on the interest penalties, which increase together with the increased interest rates. For corporation taxpayers, the interest penalty is 1/300 of the policy rate per day of default, if the default time does not exceed 30 calendar days. If the delay exceeds 30 days, the interest penalty is equal to 1/150 of the key rate beginning from the 31st day of delay.
