The National Bank of Ukraine has announced its decision to reduce the key policy rate from 13.5% per annum to 14.5% with effect from 24 January 2025. The rate was previously increased from 13.0% to 13.5% with effect from 13 December 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 16.2% to 17.4% per annum. Click the following link for an archive of rates over time.