The Russian Central Bank announced its decision to reduce the key rate from 9.5% to 8.0% on 22 July 2022.
The key rate also impacts interest penalties, which are adjusted along with the adjusted key rate. For corporate taxpayers, the interest penalty is equal to 1/300 of the key rate per day of delay where the delay does not exceed 30 calendar days. Where the delay exceeds 30 days, the interest penalty is equal to 1/150 of the key rate beginning from the 31st day of delay. However, Russia has provided that from 9 March 2022 to 31 December 2023, the late payment penalty rate is set to 1/300 of the Central Bank key rate, regardless of the length of delay.
Source Orbitax
Latest Posts in "Russia"
- Russia to Impose Gradual VAT on Foreign Online Marketplace Goods Starting 2027
- VAT Codes for 10% Rate on Food Products Updated Effective July 2026 in Russia
- Russia Proposes 2026 Tax Relief and Flexible Rules to Support SME Transition
- Russian Finance Ministry Explains New VAT Rate Impact on Lease Accounting Under IFRS
- Catering Businesses to Be Exempt from VAT Starting April 1 Under New Tax Law Amendments
