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Administrative penalties:
Administrative penalties amounting to €100 or €200 depending on the specific case will be imposed for late submission of declarations or late submission of supporting documentation requested by the Commissioner. In the case of late payment of the tax due, an additional penalty at the rate of 5% will be imposed on the unpaid tax. Also an additional penalty of 5%is imposed if the tax remains unpaid 2 months after the payment deadline
Late payment interest rates
The rate of interest for late payment of tax is determined by the Minister of Finance through a Decree and it is applicable for the whole year. The rate for 2023 was set at 2,25%.
The applicable interest rates for the previous years are as follows:
Period |
|
Interest Rate % | ||||
Up to | - | 31/12/2006 | 9 | |||
01/01/2007 | - | 31/12/2009 | 8 | |||
01/01/2010 | - | 31/12/2010 | 5.35 | |||
01/01/2011 | - | 31/12/2012 | 5 | |||
01/01/2013 | - | 31/12/2013 | 4.75 | |||
01/01/2014 | - | 31/12/2014 | 4.5 | |||
01/01/2015 | - | 31/12/2016 | 4 | |||
01/01/2017 | - | 31/12/2018 | 3.5 | |||
01/01/2019 | - | 31/12/2019 | 2 | |||
01/01/2020 | - | 31/12/2022 | 1,75 | |||
01/01/2023 | - | 2,25 |