2017/55
Patsy Reddy, Governor-General
At Wellington this 27th day of March 2017
Present:The Right Hon Bill English presiding 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.
These regulations are the Taxation (Use of Money Interest Rates) Amendment Regulations 2017.
These regulations come into force on 8 May 2017.
These regulations apply on and after 8 May 2017.
These regulations amend the Taxation (Use of Money Interest Rates) Regulations 1998 (the principal regulations).
In regulation 2, replace “8.27%” with “8.22%”.
“8.27%”
“8.22%”
In regulation 3, replace “1.62%” with “1.02%”.
“1.62%”
“1.02%”
The Taxation (Use of Money Interest Rates) Amendment Regulations 2016 (LI 2016/75) are revoked.
Michael Webster,Clerk of the Executive Council.
These regulations, which come into force on 8 May 2017, amend the Taxation (Use of Money Interest Rates) Regulations 1998 to—
decrease the taxpayer’s paying rate of interest on unpaid tax from 8.27% to 8.22% per annum; and
decrease the Commissioner’s paying rate of interest on overpaid tax from 1.62% to 1.02% per annum.
The rates fixed by these regulations have been determined in accordance with the Taxation (Use of Money Interest Rates Setting Process) Regulations 1997.
The Taxation (Use of Money Interest Rates) Amendment Regulations 2016 are revoked.
Issued under the authority of the Legislation Act 2012.
Date of notification in Gazette: 30 March 2017.
These regulations are administered by the Inland Revenue Department.