Lithuania Implementing New Mechanism for Determining Interest on Tax Loan Agreement and Late Tax Payment
Lithuania has published Order No. 1K-15 from the Ministry of Finance, which establishes a new mechanism for the calculation of interest for tax loan agreements for the deferred payment of taxes and for late tax payments. The mechanism is as follows:
- With respect to loan agreements, the interest amount for each day is equal to the quarterly interest rate on government securities (~12-month mat…