Ukraine Increases Interest Rate to 15.5%, Affecting Late Payment Penalty Interest

The National Bank of Ukraine has announced its decision to increase the key policy rate from 15.0% per annum to 15.5% with effect from 31 July 2026. The rate was previously reduced from 15.5% to 15.0% with effect from 30 January 2026. 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 18.0% to 18.6% per a…