Perhaps not that surprising given the Reserve Bank’s recent enthusiasm to continue to increase interest rates and really deepen the pain for the average New Zealander already struggling to pay their mortgage with the present cost of living crisis, we’ve now seen IR move to also increase its UOMI rates, effective 30th August 2022.
The Taxation (Use of Money Interest Rates) Amendment Regulations (SL2022/233) were announced in the New Zealand Gazette on 18 August 2022, and will:
- increase the taxpayer’s paying rate of interest on unpaid tax from 7.28% to 7.96% per annum; and,
- increase the Commissioner’s paying rate of interest on overpaid tax from 0.0% to 1.22% per annum
