The Decree of the Ministry of Economy and Finance of 29 November 2023, published in Official Gazette No. 288 of 11 December 2023, set the legal interest rate in force as of 1 January 2024.
With this decree, a decrease was envisaged compared to last year: the rate will in fact rise from 5% to 2,5%.
This decrease, from a practical point of view, determines the amount of interest due for the late payment of taxes to be calculated by means of the voluntary settlement payments procedure. For example, if a taxpayer intends, in 2024, to pay taxes due in 2023 by benefiting from the voluntary settlement payments procedure, the additional interest will have to be calculated:
- applying the rate of 5% from 1 January to 31 December 2023;
- by applying the rate of 2,5% from 1 January 2024 to the day on which the payment is made.
The determination of the amount of statutory interest also affects business relationships between companies: in fact, the interest rate to be applied on transactions between the parties, if not specifically set out in the contractual documents, is determined at the statutory rate (i.e. 2,5% from 1 January 2024).
LDP remains at your disposal for any further clarifications.
