Use of money interest update

Use of money interest update

Use of money interest update Lee Stace

IRDInland Revenue (IRD) use of money interest rates on underpaid and overpaid tax are set to rise next month.

The interest rate charged by IRD on underpaid tax will rise from 8.4 percent to 9.21 percent. The rate for overpaid tax will rise from 1.75 percent to 2.63 percent.

The new rates will take effect from 8 May.

Rates are reviewed regularly by IRD to ensure they are aligned to market interest rates and were last updated in May 2012.

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