The National Bank of Ukraine has announced its decision to increase the key policy rate to 10.0% per annum with effect from 21 January 2022, which is up from 9.0%. For tax purposes, this affects the late payment penalty interest, which is based on the National Bank rate. The penalty interest rate is equal to 120% of the National Bank rate, which results in an increase in the penalty interest rate from 10.8% to 12.0% per annum.