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INDUSTRY NEWS •  28 AUGUST 2023 • 1 MIN READ

Use of money interest rates increase

NZ money to represent use of money interest rates increasing

From the 29th of August 2023, Inland Revenue are increasing the Use of Money interest rates (UOMI).​

UOMI applies to most underpayments and overpayments to the IRD over $100 (some exclusions apply). ​

On underpayments, the IRD will charge interest at a rate of 10.91% (an increase of 0.52% from May 2023) in addition to any penalties. On overpayments, the IRD may pay you back with interest of 4.67% (an increase of 1.14% from May 2023).​

Read here for more detailed information on when use of money interest applies.​

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