The National Bank of Ukraine has announced its decision to reduce the key policy rate to 14.5% per annum with effect from 15 March 2024. The rate was previously reduced from 16.0% to 15.0% with effect from 15 December 2023. 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 …