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Ukraine Cuts Interest Rate Affecting Late Payment Penalty Interest

|Approved Changes|Ukraine
Ukraine

The National Bank of Ukraine has announced its decision to cut the key policy rate to 15.5% per annum with effect from 25 October 2019, which is down from 16.5%. 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 a reduction in the penalty interest rat…

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