New Zealand Inland Revenue has announced an increase in the use of money interest rate for underpayments and overpayments with effect from 30 August 2022.
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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% pe…