On 20 September 2022, Poland published the Announcement of the Ministry of Finance on the rates of interest for tax arrears / late payment. This includes an increase in the interest rates as follows:
- The standard rate is increased from 16.0% to 16.5% per annum;
- The reduced rate is increased from 8.00% to 8.25% per annum; and
- The increased rate is increased from 24.00% to 24.75% per annum.
The reduced rate applies when a self-correction is made prior to a notice of procedures for an amended assessment and the payment is made within 7 days of filing the corrected return. The increased rate applies for VAT and customs duties, including where a taxpayer understates their tax liability, overstates an overpayment or refund claim, or fails to file a return and pay tax and this was detected in the course of tax control proceedings.
Note, this is the seventh late payment interest rate increase in 2022. The prior increase was provided in an Announcement published 11 July 2022.