Taxation (Use of Money Interest Rates) Amendment Regulations 2016

2016/75

Coat of Arms of New Zealand

Taxation (Use of Money Interest Rates) Amendment Regulations 2016

Jerry Mateparae, Governor-General

Order in Council

At Wellington this 4th day of April 2016

Present:
His 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 2016.

2 Commencement

These regulations come into force on 8 May 2016.

3 Application

These regulations apply on and after 8 May 2016.

4 Principal regulations

These regulations amend the Taxation (Use of Money Interest Rates) Regulations 1998 (the principal regulations).

5 Regulation 2 amended (Taxpayer’s paying rate)

In regulation 2, replace “9.21%” with “8.27%”.

6 Regulation 3 amended (Commissioner’s paying rate)

In regulation 3, replace “2.63%” with “1.62%”.

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 8 May 2016, amend the Taxation (Use of Money Interest Rates) Regulations 1998 to—

  • decrease from 9.21% to 8.27% the taxpayer’s paying rate of interest on unpaid tax:

  • decrease from 2.63% to 1.62% the Commissioner’s paying rate of interest 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.

Issued under the authority of the Legislation Act 2012.

Date of notification in Gazette: 7 April 2016.

These regulations are administered by the Inland Revenue Department.