(Tax News Reporter - Week Ended 3 December 1996)
Effective 2 December 1996, the refinancing rate of the Central Bank has dropped from 60% to 48%. The CB refinancing rate is used, inter alia, as a calculation basis for late payment interest of the Pension Fund (which is now 1/300 of 48% makes 0.16% per day) and the interest to be paid on under-declared prepayments of profits tax.
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