Update to use of money rates

An Order in Council was made on 15 August updating the rates for use of money interest.

The Order increases the taxpayer’s paying rate of interest on unpaid tax from 7.28% to 7.96% per annum. The Commissioner of Inland Revenue’s paying rate of interest on overpaid tax is increased from 0.0% to 1.22% per annum.

The Taxation (Use of Money Interest Rates) Amendment Regulations (No 2) 2022 comes into force on 30 August 2022.