Lower rate of interest for late payment of income tax

By virtue of Legal Notice 295 of 2015, the rate of interest for late payment of income tax has been reduced from 0.75% per month to 0.54% per month or part thereof with effect from the 1^st day of January 2016. The interest is calculated on the unpaid tax, starting from the date on which the tax should have been settled for each calendar month or part thereof during which such tax remains unpaid. The total interest charged cannot exceed the amount of the unpaid tax.