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Ukraine Increases Interest Rate Affecting Late Payment Penalty Interest — Orbitax Tax News & Alerts

The National Bank of Ukraine has announced its decision to increase the key policy rate to 7.5% per annum with effect from 16 April 2021, which is up from 6.5%. For tax purposes, this affects the late payment penalty interest, which is based on the National Bank rate. The penalty interest rate is equal to 120% of the National Bank rate, which results in an increase in the penalty interest rate from 7.8 % to 9.0% per annum.