Poland Reduces Late Payment Interest Rates

Poland’s National Bank Monetary Policy Council has decided to lower interest rates on tax arrears and late payments from 15.0% to 14.50% per annum for the standard rate, from 7.50% to 7.25% per annum for the reduced rate, and from 22.50% to 21.75% per annum for the increased rate, effective from 5 October 2023.
The reduced rate applies if a self-correction is made prior to a notice of procedures for an amended assessment and payment is made within seven days of filing the corrected return.
The increased rate applies for VAT and customs duties, including where a taxpayer understates their tax liability, overstates an overpayment or refund claim, or fails to file a return and pay tax and this was detected in the course of tax control proceedings.