Government links reduced late-tax interest to central bank policy rate
The Federal Government has reduced the interest margin applied to late tax payments. Under the new arrangement, the rate is tied to the Central Bank of Nigeria’s Monetary Policy Rate plus one percentage point, according to the supplied report.
The Federal Government has reduced the interest margin charged on late tax payments, Punch Nigeria reports. The revised arrangement links the applicable rate to the Central Bank of Nigeria’s Monetary Policy Rate, with an additional one percentage point. The source material does not state the previous margin or give the numerical rate that will apply at present.
It also does not identify the specific tax rules or categories of taxpayers covered by the change. No details are provided on when the revised arrangement takes effect, how outstanding liabilities will be treated, or which government agency announced it. The available report gives no reaction from taxpayers, businesses or tax professionals.
It establishes only the change in the margin and its connection to the CBN policy rate.
This independently written report is based on information supplied by the named publisher. Vertrix News has not independently verified the source report.