The National Bank of Ukraine has announced its decision to cut the key policy rate to 10.0% per annum with effect from 13 March 2020, which is down from 11.0%. For tax purposes, this affects the late payment penalty interest, which is based on the National Bank rate. The penalty interest rate is equal to 120% of the National Bank rate, which results in a reduction in the penalty interest rate from 13.2% to 12.0% per annum.