Ordinary interest is the amount that the debtor must pay to the creditor as compensation for obtaining the borrowed money. It is set at a fixed interest rate, which is regulated by law, and runs for the duration of the loan or credit. Conversely, the tax administration must also be accountable to its taxpayers if it is in debt. In this case, the calculation is also carried out taking into account the statutory interest. One of the conditions for the use of legal interest is that it is applied in cases where no interest has been established for non-compliance or illegal collection. The most important assumptions for the application of legal interest are as follows: In 2022, the maximum legal interest rate is 8%. This rate applies to commercial late payments, i.e. those that occur between companies. Legal interest is that which applies to late payments between individuals, in particular with companies, with the tax administration, with the public administration in general or vice versa.
The first condition is that no default interest already agreed between the parties is due. In practice, the fixed legal interest rate can be very important when calculating large penalties, compensation, etc. Where the parties set the interest rate, it may not be disproportionate so as to give reason to believe that the financial difficulties, inexperience or ignorance of the debtor have been abused, otherwise this will constitute usury. The economic situation is one of the most decisive variables in determining the legal interest. Each year, the new value of the money, which will serve as the basis for calculating the debt, is examined and determined. Article 362 of the Commercial Code states that if no interest rate is set for commercial loans, it is 6% per year. Legal interest rates are statutory interest rates that are not agreed between the creditor and the debtor. Legal interests are determined by the General Law on State Budgets. These are those applied by the judge in a judgment for violation of the responsibility of a monetary debt. If a person does not fulfill his obligations to the Ministry of Finance, that is, does not pay his debts, he will be punished by the tax administration. The statutory interest serves as the basis for the calculation of the penalty and the subsequent calculation of the penalty that may be applicable to the taxpayer.
Although there is a relationship between the two types of interests, there is one essential difference. We have all heard about regular interest rates and moratoriums, especially when buying a loan or loan; However, not everyone knows what the difference between one and the other is. Therefore, the characteristics of each interest rate are explained below. This interest represents an amount payable to the creditor who has an outstanding debt, similar to compensation for damages. The determination of legal interest is carried out annually and falls within the competence of the State, in accordance with the General Law on the State Budget. This implies that it is directly related to the economic situation that the country is going through at the moment. Legal interests have characteristics that distinguish them from other types of interests. The most important are: The maximum rates of these interest rates vary for general, tax and commercial debts. The latter are the ones with the most interest, founded in 2022 with a maximum of 8%. A simple formula for calculating legal interest and getting the amount you have to pay or receive for a debt is as follows: on the other hand, default interest is the amount that the debtor bears in case of non-payment or late payment of the loan and is understood as a penalty for breach of duty.
Articles 2393 to 2397 of the Federal Civil Code allow for the determination of reciprocal interest and may consist of money or sex. This interest can be of two types:.
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