LEG-19-MIN-0096 – Minute: Taxation (Use of Money Interest Rates) Amendment Regulations 2019
| Date | 25 June 2019 |
|---|---|
| Reference | LEG-19-MIN-0096 |
| Document type | Cabinet committee minute |
| Title | Taxation (Use of Money Interest Rates) Amendment Regulations 2019 |
| Downloads | PDF (137 KB) DOCX (58 KB) |
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Taxation (Use of Money Interest Rates) Amendment Regulations 2019
Portfolio Revenue
On 25 June 2019, the Cabinet Legislation Committee:
1 agreed that the use-of-money interest underpayment rate be changed to 8.35 percent from 8.22 percent;
2 agreed that the use-of-money interest overpayment rate be changed to 0.81 percent from 1.02 percent;
3 agreed that the Taxation (Use of Money Interest Rates) Amendment Regulations 2019 give effect to the new rates referred to in paragraphs 1 and 2 above;
4 agreed that the Taxation (Use of Money Interest Rates) Amendment Regulations 2019 come into force on 29 August 2019;
5 noted the following changes as a result of the decision in paragraphs 1 and 2 above, with a corresponding impact on the operating balance:
| $ millions increase / (decrease) | |||||
|---|---|---|---|---|---|
| Vote Revenue Minister of Revenue |
2018/19 | 2019/20 | 2020/21 | 2021/22 | 2022/23 & Outyears |
| Crown Revenue and Receipts: Tax Revenue | - | 9.000 | 10.000 | 10.000 | 10.000 |
| Total Operating | - | 9.000 | 10.000 | 10.000 | 10.000 |
6 approved the following forecast change in appropriations for Non-Departmental Other Expenses, as a result of the decision in paragraphs 1 and 2, with a corresponding impact on the operating balance:
| $ millions increase / (decrease) | |||||
|---|---|---|---|---|---|
| Vote Revenue Minister of Revenue |
2018/19 | 2019/20 | 2020/21 | 2021/22 | 2022/23 & Outyears |
| Non-Departmental Other Expense: Impairment of debt and debt write-offs (funded by Revenue Crown) | - | 3.000 | 3.000 | 3.000 | 3.000 |
| Total Operating | - | 3.000 | 3.000 | 3.000 | 3.000 |
7 authorised the submission to the Executive Council of the Taxation (Use of Money Interest Rates) Amendment Regulations 2019 [PCO 22181/2.0].
Vivien Meek
Committee Secretary
Present:
Rt Hon Winston Peters
Hon Andrew Little
Hon Stuart Nash
Hon Iain Lees-Galloway (Chair)
Hon Tracey Martin
Hon Eugenie Sage
Hon Ruth Dyson (Senior Government Whip)
Officials present from:
Office of the Prime Minister
Officials Committee for LEG
Hard-copy distribution:
Minister of Revenue