Taxation (Use of Money Interest Rates) Amendment Regulations 2019
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2019/153
Taxation (Use of Money Interest Rates) Amendment Regulations 2019
Patsy Reddy, Governor-General
Order in Council
At Wellington this 1st day of July 2019
Present:
The Right Hon Jacinda Ardern 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.
Regulations
1 Title
These regulations are the Taxation (Use of Money Interest Rates) Amendment Regulations 2019.
2 Commencement
These regulations come into force on 29 August 2019.
3 Application
These regulations apply on and after 29 August 2019.
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 “8.22%”
with “8.35%”
.
6 Regulation 3 amended (Commissioner’s paying rate)
In regulation 3, replace “1.02%”
with “0.81%”
.
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 29 August 2019, amend the Taxation (Use of Money Interest Rates) Regulations 1998 to—
increase the taxpayer’s paying rate of interest on unpaid tax from 8.22% to 8.35% per annum; and
decrease the Commissioner’s paying rate of interest on overpaid tax from 1.02% to 0.81% 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.
Date of notification in Gazette: 4 July 2019.
These regulations are administered by the Inland Revenue Department.
Versions
Taxation (Use of Money Interest Rates) Amendment Regulations 2019
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