PwC calls for reduction on the interest rate for late tax payments

Present rates described as ‘extraordinarily penal’ in pre-budget submission

6th July, 2021
PwC calls for reduction on the interest rate for late tax payments
PwC have recommended a one-year break on employer’s PRSI payments if they hire a new employee who had been unemployed for six months. Picture: Rollingnews.ie

The country’s largest professional services firm has called for a reduction on the interest rate for late tax payments.

The rates were described as “extraordinarily penal” by Nicola Quinn, tax partner at PwC.

Those who pay tax late are subject to a charge of 5 per cent, if the payment is less than two months late, or 10 per cent if the payment is more than two months late. Daily interest...

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