The Vermont Department of Taxes has released 2013 interest rates for the underpayment and overpayment of taxes. These rates apply to interest accrued during the 2013 calendar year. It should be required reading for all Vermont taxpayers who question their ability to correctly calculate their taxes.
Interest Rates for Overpayments
- 0.3% per month.
- An annual rate of 3.6%.
Interest Rates for Underpayments
- 0.5% per month.
- An annual rate of 5.6%.
One fact leaps to the eyes: Vermont charges a higher interest rate on underpayments than it gives for overpayments. If you have to err, then, err in excess of what you owe.
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Avalara Author
Gail Cole
Gail began researching and writing about sales tax in 2012 and has been fascinated with it ever since. She has a penchant for uncovering unusual tax facts, and endeavors to make complex sales tax laws more digestible for both experts and laypeople.