Taxation (Use of Money Interest Rates) Amendment Regulations 2022
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2022/97
Taxation (Use of Money Interest Rates) Amendment Regulations 2022
Cindy Kiro, Governor-General
Order in Council
At Wellington this 4th day of April 2022
Present:
Her Excellency the Governor-General in Council
These regulations are made under section 120H(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 2022.
2 Commencement
These regulations come into force on 10 May 2022.
3 Application
These regulations apply on and after 10 May 2022.
4 Principal regulations
These regulations amend the Taxation (Use of Money Interest Rates) Regulations 1998.
5 Regulation 2 amended (Taxpayer’s paying rate)
In regulation 2, replace “7.00%”
with “7.28%”
.
Michael Webster,
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 10 May 2022, amend the Taxation (Use of Money Interest Rates) Regulations 1998 to increase the taxpayer’s paying rate of interest on unpaid tax from 7.00% to 7.28% per annum. The Commissioner of Inland Revenue’s paying rate of interest on overpaid tax remains unchanged at 0.00% per annum.
These rates have been determined in accordance with the Taxation (Use of Money Interest Rates Setting Process) Regulations 1997.
Date of notification in Gazette: 7 April 2022.
These regulations are administered by the Inland Revenue Department.
Versions
Taxation (Use of Money Interest Rates) Amendment Regulations 2022
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