Taxes Consolidation Act 1997 section 991

Interest

Section 991 provides for the charging of simple interest on PAYE tax that an employer has failed to pay to Revenue by the due date.

  • Where an employer does not pay over PAYE tax by the due date, simple interest is charged on the unpaid amount from that date until payment is made.
  • Interest is calculated on a daily basis, with any part of a day counting as a full day.
  • The daily interest rate has changed over time, reducing from 0.0492% before 1 August 1978 to the current rate of 0.0274% from 1 July 2009 onwards.
  • The due date for payment is determined by reference to section 983 of the Act.

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