New Zealand Inland Revenue has announced a change in the use-of-money interest rates on underpayments and overpayments with effect from 8 May 2020.
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Changes to use of money interest rates
12 May 2020
The use of money interest rates are reviewed regularly to ensure they are in line with market interest rates. The interest rates on underpayments and overpayments of taxes and duties have now changed to:
- underpayment rate: 7.00% (previously 8.35%)
- overpayment rate: 0.00% (previously 0.81…