Russia Late Tax Payment Interest Penalty Increased

The Russian Central Bank has announced the decision to increase the key rate from 7.25% to 7.5% on 14 September 2018. With the increase, the interest rates for late tax payments is increased accordingly. For corporate taxpayers, the interest penalty is equal to 1/300 of the Central Bank 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 Central Bank rate beginning from the 31st day of delay.