The National Bank of Ukraine has announced its decision to reduce the key policy rate to 16.0% per annum with effect from 27 October 2023. The rate was previously reduced from 22.0% to 20.0% with effect from 15 September 2023. 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 24.0% to 19.2% per annum. Click the following link for an archive of rates over time.