Late payment interest rates on overdue VAT liabilities

Late payment rates are applicable:

*   Late payment interest of 0.02% of the overdue amount, per day; (7.3%/year)
*   Late payment penalty of 0.01% of the overdue amount, per day. (3.65%/year). The late payment penalty is not applicable where the non-declaration penalty kicks in (see below).

A non-declaration penalty of 0.08% per day is applicable with regard to the principal tax liabilities which are not declared or are wrongfully declared, as established by the tax authorities. The non-declaration penalty is reduced by 75%, if the principal tax liability is paid within the time-limit provided by the tax assessment. Also, it is increased by 100%, if the non-declared amounts are derived from tax evasion activities.

Source: Sorin Biban
Tax Senior Manager
Biris Goran SPARL
47 Aviatorilor Boulevard<http://www.birisgoran.ro/contact>
RO-011853, Bucharest<http://www.birisgoran.ro/contact>
Tel: +40 735 606 865
Fax: +40 21 260 0720
[email protected]<mailto:[email protected]>
www.birisgoran.ro<http://www.birisgoran.ro/>

See also Late payment interest on overdue VAT liabilities – An overview of a selection of EU countries

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