Tax board to reduce interest rate on tax debt after emergency situation
Tax and Customs Board (MTA) has suspended interest on tax debt during the emergency situation with the interest rate on tax debt to drop by a half after the emergency situation ends.
In a situation in which cash inflow has decreased or even stopped for many companies but salaries, loans, debts and taxes still have to be paid, MTA's role is to be as flexible as possible, Valdur Laid, Director General of MTA told at a press conference on Monday.
"We have taken the first steps to ensure that, the largest of which is that we have suspended interest on tax from March 1 until the end of the emergency situation, that is to say, no interest has to be payed down on tax debt during that period," Laid said.
"After the end of the emergency situation, interest on tax debt will be reduced by a half, from a daily rate of 0,06 percent to 0,03 percent. MTA will receive the right to reduce the interest rate to zero," he added.
According to Laid, it is extremely important that companies submit their tax returns on time and correctly, as it gives the state the best overview on what is going on in the economy.
"As we all understand, our healthcare, our nation, is supported by tax money. €100 of tax money will help build the country for a hundred euros. Paying tax is extremely necessary for anyone able," he said.
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Editor: Anders Nõmm