Source: Inland Revenue Department –
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.
