What happens if you pay tax late?
Even one day's delay costs money. How late-payment interest is calculated, how it differs from a fine and how to avoid delays.
The tax payment deadline has passed. It is easy to think, "I will pay tomorrow, what is the big deal?" But every day of delay keeps its own count.
Late-payment interest and fines: what is the difference?
Late-payment interest (penalty interest; in Uzbek, "penya") and a fine are two different things:
| Late-payment interest (penya) | Fine | |
|---|---|---|
| What for | for late payment | for a tax violation |
| How it is calculated | for each day of delay, keeps accruing until the debt is paid | in the amount the Tax Code sets for that violation |
Check the exact amounts in the Tax Code.
How does late-payment interest grow?
Late-payment interest accrues on the unpaid amount every day. The larger the debt and the longer the delay, the more interest builds up. That is why shortening a delay, even by one day, pays off.
How can you avoid delays?
- Draw up a tax calendar: every tax and filing deadline in one place
- Pay 2–3 days before the deadline: bank transfers can be delayed
- Keep a tax reserve in your current (settlement) account
- Check the payment details in the payment order: money sent to the wrong account is not treated as paid
Test yourself
5 questions on this topic: pick an option or reveal the answer.
"Zomin suv" did not pay a tax by the due date and paid it a few days late. Under Article 110 of the Tax Code, from what day and at what daily interest rate is penalty interest charged?
If tax is not paid by the deadline, what is charged for each day of delay?
After the tax payment deadline had passed, the accountant of "Bekobod sement savdo" found an error on his own that had understated the tax in the return. Under Article 83 of the Tax Code, in which case is the company released from liability if it files an amended return?
Under the "Second chance" amnesty announced by Decree PF-175, by what date must an old tax debt be paid in full for the penalty interest accrued on it to be written off?
The tax debt of "Sirdaryo yo'l qurilish" LLC: tax 4 000 000 soum, accrued late-payment interest 600 000 soum, fine 1 000 000 soum. The company paid 4 700 000 soum. In what order is the payment allocated under Article 55 of the Tax Code?
Answered: 0 / 50 of 5 correct
All tests →See also
Sources
- Tax Code of the Republic of Uzbekistan · late-payment interest (penya) and financial sanctions; check the amounts here