By virtue of Legal Notice 227 of 2022 amending the Value Added Tax (Rate of Interest)(Amendment) Regulations, the rate of interest chargeable on unpaid VAT shall with effect from 1st September 2022 be increased from 0.33% to 0.60% for every month or part thereof during which the tax remains unpaid. Any balances of VAT which became payable by taxable persons before the effective date, interest at the rate of 0.33% shall continue to apply.
Similarly, Legal Notice 228 of 2022 amending the Income Tax (Rate of Interest)(Amendment) Rules, has been issued confirming a change in interest rate from 0.33% to 0.60%.
Source Zampa Debattista
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