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Practical examples How to avoid default interest on late individual contributions

The self-employed and persons not gainfully employed are strongly urged to comply with this recommendation

You can avoid default interest arising from the late payment of individual contributions by informing us of your effective income (used as the basis for calculating individual contributions) within 12 months of the end of the current financial year.

The rules permit underpaid payments on account to be settled within one year without incurring interest. This means that if an adjustment is requested before the end of the year following the calculation or contribution period, no default interest arises.

In order to submit the current figures to us, please use the voluntary income declaration form that is sent out in September of each year to all the self-employed persons and persons not in gainful employment who are registered with our office.

Our Compensation Office will be happy to provide further information on request.

Practical examples