According to an update from the National Bank of Kazakhstan, the base interest rate was reduced from 16.75% to 16.50% with effect from 28 August 2023. The rate was previously increased from 16.0% to 16.75% with effect from 6 December 2022. For tax purposes, the rate is important as it is used in determining late payment interest, which is calculated as 1.25 times the base rate, divided by 365 …