Tax Interest
/ˈtæks ˈɪntrɪst/
Definitions
- (n.) Interest charged on unpaid taxes, imposed as a penalty for late payment or nonpayment by tax authorities.
The taxpayer was liable for tax interest on the overdue amount from the due date until payment.
Forms
- tax interest
- tax interests
Related terms
See also
Commentary
Tax interest rates and calculation methods vary by jurisdiction; it is essential to specify the applicable law and period when drafting tax interest provisions.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.