Interest rate on unpaid VAT increased

The rate of interest applicable in terms of article 21(4) of the VAT Act has been increased from 0.33% to 0.6% with effect from 1 September 2022 (LN 227 of 2022). The Legal Notice includes a proviso that the interest rate remains 0.33% for balances of tax which became payable by taxable persons before 1 September 2022.