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<p>Orders in Council updating certain rates were recently made. The paying rates for use of money interest has changed. The new underpayment rate is 7.28% (previously 7.00%). The overpayment rate remains at 0%. The rate of interest used to calculate interest on employment-related loans for fringe benefit tax purposes increases from 4.50% to 4.78%. The deemed rate of return used to calculate foreign investment fund income for the 2021–22 income year rises from 4.43% to 6.01%.</p>
<p>For more information on these, see:</p>
<ul>
<li><a href="/-/media/project/ir/tp/publications/2022/2022-sr-uomi-fbt-drr/2022-sr-oic-uomi-pdf.pdf?modified=20220616003441">Special Report</a> – Order in Council: Taxation (Use of Money Interest Rates) Amendment Regulations 2022</li>
<li><a href="/-/media/project/ir/tp/publications/2022/2022-sr-uomi-fbt-drr/2022-sr-oic-fbt-pdf.pdf?modified=20220616004129">Special Report</a> – Order in Council: Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations 2022</li>
<li><a href="/-/media/project/ir/tp/publications/2022/2022-sr-uomi-fbt-drr/2022-sr-oic-drr-pdf.pdf?modified=20220616012927">Special Report</a> – Order in Council: Income Tax (Deemed rate of return on attributing interests in Foreign Investment Funds, 2021–22 income year) Order 2022</li>
</ul>
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