Taxation (Use of Money Interest Rates) Amendment Regulations (No 2) 2023
2023/179
Taxation (Use of Money Interest Rates) Amendment Regulations (No 2) 2023
Rt Hon Dame Helen Winkelmann, Administrator of the Government
Order in Council
At Wellington this 24th day of July 2023
Present:
Her Excellency the Administrator of the Government in Council
These regulations are made under section 120H(1)(b) of the Tax Administration Act 1994 on the advice and with the consent of the Executive Council.
Regulations
1 Title
These regulations are the Taxation (Use of Money Interest Rates) Amendment Regulations (No 2) 2023.
2 Commencement
These regulations come into force on 29 August 2023.
3 Principal regulations
These regulations amend the Taxation (Use of Money Interest Rates) Regulations 1998.
4 Regulation 2 amended (Taxpayer’s paying rate)
In regulation 2, replace “10.39%”
with “10.91%”
.
5 Regulation 3 amended (Commissioner’s paying rate)
In regulation 3, replace “3.53%”
with “4.67%”
.
Rachel Hayward,
Clerk of the Executive Council.
Explanatory note
This note is not part of the regulations, but is intended to indicate their general effect.
These regulations, which come into force on 29 August 2023, amend the Taxation (Use of Money Interest Rates) Regulations 1998 to increase the taxpayer’s paying rate of interest on unpaid tax from 10.39% to 10.91% per annum. The Commissioner of Inland Revenue’s paying rate of interest on overpaid tax is increased from 3.53% to 4.67% per annum.
Date of notification in Gazette: 27 July 2023.
These regulations are administered by the Inland Revenue Department.