TaxTMI 
TaxTMI 
we paid may-12 vat tax on aug-2013 . what is the interest rate applicable
interest rate on vat tax paid by late
04 Sep 2013 
4 Replies 
70631 Views Asked by
Guest 
Interest on delayed VAT payment: adviser responses conflict on monthly versus annual interest, causing rate uncertainty.
A taxpayer asked the applicable interest rate for late VAT payment. Forum replies diverge: one suggests 1.5% per month; another cites 15% p.a. as simple interest calculated on a daily basis referencing the chapter INTEREST & PENALTIES; a third questions invoice-date accrual and proposes a different annual rate. One reply is unrelated contact information. (AI Summary)
A taxpayer asked the applicable interest rate for late VAT payment. Forum replies diverge: one suggests 1.5% per month; another cites 15% p.a. as simple interest calculated on a daily basis referencing the chapter INTEREST & PENALTIES; a third questions invoice-date accrual and proposes a different annual rate. One reply is unrelated contact information. (AI Summary)