The National Bank of Ukraine has announced its decision to reduce the key policy rate from 13.0% per annum to 13.5% with effect from 13 December 2024. The rate was previously reduced from 13.5% to 13.0% with effect from 14 June 2024. 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 15.6% to 16.2% per annum. Click the following link for an archive of rates over time.