TaxTMI 
TaxTMI 
Respected Sir,
As regarding above subject, As u know that till 10-07-2014 the rate of interest on late payment of PLA was 18%,now according to the new budget is there any change in the interest rate.Please reply.
THANKING U
change of interest rate on late payment of PLA
15 Jul 2014 
3 Replies 
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Interest on delayed duty payments tiered upward over time and an additional monthly penalty for late payment.
A tiered interest regime applies to delayed duty payments, with escalating rates for successive periods of delay and a concession for small service providers; these stepped rates are effective from the budgetary change date. In addition, a separate monthly penalty applies where declared duty is not paid within one month of the due date, so late payment attracts both the tiered interest and an additional monthly penalty. (AI Summary)
A tiered interest regime applies to delayed duty payments, with escalating rates for successive periods of delay and a concession for small service providers; these stepped rates are effective from the budgetary change date. In addition, a separate monthly penalty applies where declared duty is not paid within one month of the due date, so late payment attracts both the tiered interest and an additional monthly penalty. (AI Summary)