The National Bank of Ukraine has announced its decision to increase the key policy rate to 8.5% per annum with effect from 10 September 2021, which is up from 8.0%. 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 an increase in the penalty interest rate from 9.6% to 10.2% per annum.