Taxation (Use of Money Interest Rates) Amendment Regulations (No 2) 2009

2009/184

Crest

Taxation (Use of Money Interest Rates) Amendment Regulations (No 2) 2009

Rt Hon Dame Sian Elias, Administrator of the Government

Order in Council

At Wellington this 22nd day of June 2009

Present:
Her Excellency the Administrator of the Government in Council

Pursuant to section 120H(b) of the Tax Administration Act 1994, Her Excellency the Administrator of the Government, acting on the advice and with the consent of the Executive Council, makes the following regulations.

Regulations

1 Title
  • These regulations are the Taxation (Use of Money Interest Rates) Amendment Regulations (No 2) 2009.

2 Commencement
  • These regulations come into force on 29 June 2009.

3 Principal regulations amended
4 Application
  • These regulations apply on and after 29 June 2009.

5 Taxpayer's paying rate
  • Regulation 2 is amended by omitting 9.73% and substituting 8.91%.

6 Commissioner's paying rate
  • Regulation 3 is amended by omitting 4.23% and substituting 1.82%.

Rebecca Kitteridge,
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 June 2009,—

  • reduce from 9.73% to 8.91% the taxpayer's paying rate of interest on unpaid tax:

  • reduce from 4.23% to 1.82% the Commissioner's paying rate on overpaid tax.

The rates fixed by these regulations have been determined in accordance with the Taxation (Use of Money Interest Rates Setting Process) Regulations 1997. Those regulations were amended by a companion measure to these regulations in respect of the setting process for the taxpayer's paying rate.


Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 25 June 2009.

These regulations are administered by the Inland Revenue Department.