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Current penalty interest rate for delayed tax payment is 14.6% of which 7.3% is applied to the tax payment that has been delayed for or within two months counting from the regulatory payment deadline. However, according to the 2013 tax reform, the following tax rate will be applied from January 1, 2014.
*1: ACI Rate = Average Contract Interest Rates on loans and discounts is a the annual average rate for short term loans for the period from October of the previous two years to September of the previous year which will be announced by the Minister of Finance.
*2: The formula to calculate interest tax for the inheritance tax/gift tax which is 7.3% shall be:
The proportion of interest tax the proportion defined by the special rule 繩 7.3%
