A late charge is a fee charged by a lender when the borrower fails to make a timely payment on their loan or credit account.
The charge imposed by a bank or savings institution for withdrawing funds from a time deposit before its maturity. This penalty may be deductible by individuals as an adjustment to gross income.
A notice issued when a trader is late with a value-added tax (VAT) return or with the payment of the VAT. The surcharge period is specified on the notice and it will run to the anniversary of the end of the period in which the default occurred.
