New Zealand Inland Revenue has announced a change in the use-of-money interest rates on underpayments and overpayments with effect from 29 August 2019.
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The use of money interest rates payable on underpayments and overpayments of tax and duties are to change in line with market rates.
The rate charged on underpaid tax will increase from 8.22% to 8.35%, while the rate for overpayments of tax will decrease from 1.02 to 0.81%. The new rates will apply from 29 August 2019.
The rates are re…