Dunne: use-of-money interest rates to change
Use-of-money interest rates on underpaid and overpaid tax are to change, in line with market rates on which they are based, Revenue Minister Peter Dunne announced today.
"The rate charged by Inland Revenue on unpaid tax will fall from 8.91% to 8.89%, while the rate for overpayments of tax will increase from 1.82% to 2.18%, from 16 January 2011," Mr Dunne said.
Use-of-money interest rates are reviewed regularly to reflect current market interest rates.
The new rates are based on recent Reserve Bank survey figures, which have changed slightly since the last adjustments were made to the UOMI interest rates, effective from 1 June 2009.
The new rates were approved by Order in Council yesterday.
Mark Stewart | Press Secretary | Office of Hon Peter Dunne
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