Use-of-money interest rates down

The Government announced today a decrease in the use-of-money interest rates on underpayments and overpayments of tax and duties.

From 8 November the rate for underpayments will decrease to 11.93% and that for overpayments to 4.83%.

For more information see Minister's media statement.

Hon Dr Michael Cullen
Minister of Revenue

MEDIA STATEMENT

Use-of-money interest rates to drop

The use-of-money interest rates on underpayments and overpayments of tax and duties are to drop in line with market rates, Revenue Minister Michael Cullen announced today.

The rate for underpayments will decrease from 12.62 per cent to 11.93 per cent. The rate for overpayments will decrease from 5.74 per cent to 4.83 per cent.

The new rates will apply from 8 November 2001.

The rates are reviewed regularly to ensure they are in line with market interest rates, Dr Cullen said. The new rates are consistent with the base lending rate and the 90-day bill rate.

The rates were changed by Order in Council today.

Contact: Patricia Herbert [senior press secretary] 471-9412, 021-270-9013, [email protected]