New Zealand Reduces Use of Money Interest Rates on Underpayments and Overpayments

New Zealand Inland Revenue recently announced that the use of money interest (UOMI) rates on underpayments and overpayments will change effective 16 January 2025. The new rates are:

• underpayments – 10.88%, down from 10.91%
• overpayments – 4.30%, down from 4.67%

The prior rates applied from 19 August 2023.