Late payment fees refer to the amount of a certain percentage of the overdue payment that will be charged based on the number of days of arrears for failure to pay taxes by the tax deadline or fail to repay the loan by the repayment deadline.

If the taxpayer fails to pay the tax within the prescribed time limit, and the withholding agent fails to pay the tax within the prescribed time limit, the tax authorities, in addition to ordering the payment within a time limit, will pay the tax on a daily basis starting from the date of overdue tax payment. A late payment fee of 0.05% of the overdue tax will be charged.

Characteristics of late payment fees:

The collection of late payment fees has statutory, mandatory and punitive characteristics.

1. Statutory nature means that late payment fees are expressly stipulated by national laws and regulations, and individuals and other groups have no right to set them up privately;

2. Mandatory means that The collection of late payment fees is guaranteed by the state's compulsory force;

3. Punitive, which means that late payment fees are punitive measures taken for payments exceeding the prescribed time limit.

I hope the above content will be helpful to you. If you have any other questions, please consult a professional lawyer.

Legal basis: Article 32 of the "Tax Collection and Administration Law of the People's Republic of China"

If a taxpayer fails to pay taxes within the prescribed time limit, the withholding agent shall If the tax is not paid within the prescribed time limit, the tax authorities, in addition to ordering payment within a time limit, will also impose a daily late payment penalty of 0.05% of the overdue tax starting from the date of overdue tax payment.