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<p>An Order in Council was made on 15 August updating the rates for use of money interest.</p>
<p>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.</p>
<p>The <a href="https://www.legislation.govt.nz/regulation/public/2022/0233/8.0/whole.html#LMS730645">Taxation (Use of Money Interest Rates) Amendment Regulations (No 2) 2022</a> comes into force on 30 August 2022.</p>
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