Late Tax Payment: Late Payment Interest of 0.03%/day

20:28, 11/07/2024

This is the new interest rate on late tax payments as stipulated in the Law amending and supplementing a number of articles of the Law on Value Added Tax, the Law on Special Consumption Tax, and the Law on Tax Administration 2016.

Translation:

Taxpayers who fail to pay taxes on time compared to the prescribed deadline, the extended tax payment deadline, the deadline stated in the notifications of the tax administration authority, or the deadline in the decisions of the tax administration authority must pay the full amount of tax and late payment interest at the rate of 0.03% per day on the overdue tax amount.

The interest rate on late tax payment is lower than the previous regulation: under the Law amending and supplementing the laws on tax 2014, the rate is 0.05% per day on the overdue tax amount.

In cases where taxpayers supply goods or services to be paid for by the state budget but have not been paid and thus fail to promptly pay the tax amounts, leading to tax arrears, they are not required to pay late payment interest on the overdue tax amount, provided that this amount does not exceed the unpaid state budget amount accruing during the unpaid state budget period.

More details can be found in Law amending and supplementing a number of articles of the Law on Value-Added Tax, the Law on Special Consumption Tax, and the Law on Tax Administration 2016, effective from July 01, 2016.

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