Online formula of late fee calculator

1. The calculation formula of late payment fee is: late payment fee = (minimum repayment amount-amount paid on the due repayment date) × 0.05%. 2. The Tax Administration Law stipulates that taxpayers fail to pay taxes within the prescribed time limit, and withholding agents fail to pay taxes within the prescribed time limit. In addition to ordering them to pay taxes within the prescribed time limit, the tax authorities will impose a late fee of 0.5% of the overdue taxes on a daily basis from the date of default. 3. Because the concept of late payment fee belongs to the category of administrative regulations, it should not be used when civil liability is involved in civil and commercial judgment documents.

Legal objectivity:

Article 32 of the Law on the Administration of Tax Collection stipulates that if a taxpayer fails to pay taxes within the prescribed time limit and a withholding agent fails to pay taxes within the prescribed time limit, the tax authorities shall, in addition to ordering him to pay taxes within the prescribed time limit, impose a late fee of 0.5% of the overdue tax on a daily basis from the date of paying taxes.