Section 50 - Interest on delayed payment of tax.

Interest on delayed tax payments: taxpayers must self-assess late interest and higher rates apply to excess input tax credit claims.

Interest on delayed tax payments must be self-assessed and paid by the taxpayer for the period the tax remains unpaid; the government notifies the rate (subject to a ceiling) on Council recommendations and interest is calculated in the prescribed manner from the day after the tax became due. A higher notified rate (subject to a higher ceiling) applies where a taxable person makes an undue or excess input tax credit claim or undue or excess reduction in output tax liability.