The National Bank of Ukraine has decided to cut the key policy rate to 13.5% per annum with effect from 13 December 2019, which is down from 15.5%. 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 18.6% to 16.2% per annum.