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Benjamin Griscti

With effect from 1st January 2014 the interest rate payable on the late payment of VAT will be essentially reduced from 0.75% per month to 0.54% per month until the actual payment of VAT. Similarly, this rate of interest will be applicable on interest receivable on late VAT refunds (following the lapse of 5 months from the submission of the VAT return) received from the VAT Department.