The National Bank of Ukraine has announced its decision to reduce the key policy rate from 14.5% per annum to 15.5% with effect from 7 March 2025. The rate was previously increased from 13.5% to 14.5% with effect from 24 January 2025. 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 17.4% to 18.6% per annum. Click the following link for an archive of rates over time.