Penalty Rate For Late Payment Of Taxes Revised In Ukraine

(Coopers & Lybrand Times, Issue No. 21)

The penalty for late payment of some taxes and charges has been changed as of 24 January 1997. The new rate is based on the interest rate of the National Bank of Ukraine (at present 35% per annum) increased by 120%. The new penalty rate does not apply in respect of land tax, tax on owners of motor vehicles, individual income tax and corporate profit tax.

(Law of Ukraine of 2 December 1996 "On amending Article 4 of the Decree of the Cabinet of Ministers "On exaction of overdue taxes and other non-tax payments"")

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