Late-payment interest on taxes reduced from 0.75% to 0.40% per month

Article 29 of the 2006 Finance Act lowers the late-payment interest rate of Article 1727 of the General Tax Code from 0.75% to 0.40% per month, i.e. from 9% to 4.8% per year. Interest paid by the tax authorities to taxpayers on refunds is aligned on this rate instead of the legal interest rate. The rate of the tax on excess provisions of non-life insurers is lowered in the same way. The new rates apply to interest running from 1 January 2006.