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<h1 id="ctl00_Cnt_documentNavigationHeader_documentTitle">Taxation (Use of Money Interest Rates) Amendment Regulations (No 2) 2022</h1>
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<div lang="en-NZ" xml:lang="en-NZ" class="regulation" id="LMS730644">
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<div class="cover" id="LMS730645">
<p class="li-number">2022/233</p>
<div class="crest"><img src="/images/leg-crest.jpg" alt="Coat of Arms of New Zealand" class="crest"></div>
<h1 class="title">Taxation (Use of Money Interest Rates) Amendment Regulations (No 2) 2022</h1>
<p class="gg">Cindy Kiro, Governor-General</p>
<div class="made">
<h2 class="made">Order in Council</h2>
<p class="made-at">At Wellington this 15th day of August 2022</p>
<p class="made-present">Present:<br class="brk">Her Excellency the Governor-General in Council</p>
</div>
</div>
<div class="front">
<div class="pursuant">
<div class="para">
<p class="text">These regulations are made under <a class="extref" id="LMS730656" href="/regulation/public/2022/0233/8.0/link.aspx?id=DLM355158#DLM355158" name="DLM355158">section 120H(1)(b)</a> of the
<a class="leg-title" id="LMS730657" href="/regulation/public/2022/0233/8.0/link.aspx?id=DLM348342" name="DLM348342">Tax Administration Act 1994</a> on the advice and with the consent of the Executive Council.</p>
</div>
</div>
</div>
<div class="contents" id="contents">
<h2 class="contents">Contents</h2>
<div class="toc fontsize12 leading13_5">
<table class="tocentrylayout" summary="Table of Contents" width="100%">
<colgroup>
<col class="toccol1" width="10.909%">
<col class="toccol2" width="10.909%">
<col class="toccol3" width="67.273%">
<col class="toccol4" width="10.909%">
</colgroup>
<tbody>
<tr>
<td class="tocColumn1"><span class="tocProvLabel"><a class="toc" href="#LMS730647">1</a></span></td>
<td class="tocColumn2" colspan="2"><span class="tocProvHeading"><a class="toc" href="#LMS730647">Title</a></span></td>
<td class="tocColumn3"></td>
</tr>
<tr>
<td class="tocColumn1"><span class="tocProvLabel"><a class="toc" href="#LMS730648">2</a></span></td>
<td class="tocColumn2" colspan="2"><span class="tocProvHeading"><a class="toc" href="#LMS730648">Commencement</a></span></td>
<td class="tocColumn3"></td>
</tr>
<tr>
<td class="tocColumn1"><span class="tocProvLabel"><a class="toc" href="#LMS730649">3</a></span></td>
<td class="tocColumn2" colspan="2"><span class="tocProvHeading"><a class="toc" href="#LMS730649">Application</a></span></td>
<td class="tocColumn3"></td>
</tr>
<tr>
<td class="tocColumn1"><span class="tocProvLabel"><a class="toc" href="#LMS730650">4</a></span></td>
<td class="tocColumn2" colspan="2"><span class="tocProvHeading"><a class="toc" href="#LMS730650">Principal regulations</a></span></td>
<td class="tocColumn3"></td>
</tr>
<tr>
<td class="tocColumn1"><span class="tocProvLabel"><a class="toc" href="#LMS730651">5</a></span></td>
<td class="tocColumn2" colspan="2"><span class="tocProvHeading"><a class="toc" href="#LMS730651">Regulation 2 amended (Taxpayer’s paying rate)</a></span></td>
<td class="tocColumn3"></td>
</tr>
<tr>
<td class="tocColumn1"><span class="tocProvLabel"><a class="toc" href="#LMS730652">6</a></span></td>
<td class="tocColumn2" colspan="2"><span class="tocProvHeading"><a class="toc" href="#LMS730652">Regulation 3 amended (Commissioner’s paying rate)</a></span></td>
<td class="tocColumn3"></td>
</tr>
<tr>
<td class="tocColumn1"></td>
<td class="tocColumn2" colspan="2"><span class="tocExplNote"><a class="toc" href="#LMS730654">Explanatory note</a></span></td>
<td class="tocColumn3"></td>
</tr>
<tr>
<td class="tocColumn1"></td>
<td class="tocColumn2" colspan="2"><span class="tocPromulgation"><a class="toc" href="#d2258155e159">Administrative Information</a></span></td>
<td class="tocColumn3"></td>
</tr>
</tbody>
</table>
</div>
</div>
<div class="front" id="LMS730646"></div>
</div>
</div>
<div class="regbodysubsequentpage">
<div class="body" id="LMS730653">
<h2 class="regulation body">Regulations</h2>
<div class="prov" id="LMS730647">
<h5 class="prov"><span class="label">1</span> Title</h5>
<div class="prov-body">
<div class="subprov">
<p class="subprov"><span class="label"></span> </p>
<div class="para">
<p class="text">These regulations are the Taxation (Use of Money Interest Rates) Amendment Regulations (No 2) 2022.</p>
</div>
</div>
</div>
</div>
<div class="prov" id="LMS730648">
<h5 class="prov"><span class="label">2</span> Commencement</h5>
<div class="prov-body">
<div class="subprov">
<p class="subprov"><span class="label"></span> </p>
<div class="para">
<p class="text">These regulations come into force on 30 August 2022.</p>
</div>
</div>
</div>
</div>
<div class="prov" id="LMS730649">
<h5 class="prov"><span class="label">3</span> Application</h5>
<div class="prov-body">
<div class="subprov">
<p class="subprov"><span class="label"></span> </p>
<div class="para">
<p class="text">These regulations apply on and after 30 August 2022.</p>
</div>
</div>
</div>
</div>
<div class="prov" id="LMS730650">
<h5 class="prov"><span class="label">4</span> Principal regulations</h5>
<div class="prov-body">
<div class="subprov">
<p class="subprov"><span class="label"></span> </p>
<div class="para">
<p class="text">These regulations amend the <a class="leg-title" id="LMS730658" href="/regulation/public/2022/0233/8.0/link.aspx?id=DLM249000" name="DLM249000">Taxation (Use of Money Interest Rates) Regulations 1998</a>.
</p>
</div>
</div>
</div>
</div>
<div class="prov" id="LMS730651">
<h5 class="prov"><span class="label">5</span> Regulation 2 amended (Taxpayer’s paying rate)</h5>
<div class="prov-body">
<div class="subprov">
<p class="subprov"><span class="label"></span> </p>
<div class="para">
<p class="text">In <a class="extref" id="LMS730659" href="/regulation/public/2022/0233/8.0/link.aspx?id=DLM249007#DLM249007" name="DLM249007">regulation 2</a>, replace <q class="amend-in">“7.28%”</q> with <q
class="amend-in">“7.96%”</q>.</p>
</div>
</div>
</div>
</div>
<div class="prov" id="LMS730652">
<h5 class="prov"><span class="label">6</span> Regulation 3 amended (Commissioner’s paying rate)</h5>
<div class="prov-body">
<div class="subprov">
<p class="subprov"><span class="label"></span> </p>
<div class="para">
<p class="text">In <a class="extref" id="LMS730660" href="/regulation/public/2022/0233/8.0/link.aspx?id=DLM249015#DLM249015" name="DLM249015">regulation 3</a>, replace <q class="amend-in">“0.0%”</q> with <q
class="amend-in">“1.22%”</q>.</p>
</div>
</div>
</div>
</div>
</div>
</div>
<div class="regbodylastpage">
<div class="end" id="LMS730655">
<div class="signature-block">
<p class="right sig-para">Rachel Hayward,<br class="brk">Acting Clerk of the Executive Council.</p>
</div>
<div class="explnote" id="LMS730654">
<h2 class="explnote">Explanatory note</h2>
<h5 class="explnote-subhead2">This note is not part of the regulations, but is intended to indicate their general effect.</h5>
<div class="para">
<p class="text">These regulations, which come into force on 30 August 2022, amend the
<a class="leg-title" id="LMS730661" href="/regulation/public/2022/0233/8.0/link.aspx?id=DLM249000" name="DLM249000">Taxation (Use of Money Interest Rates) Regulations 1998</a> to increase the taxpayer’s paying rate of
interest on unpaid tax from 7.28% to 7.96% per annum. The Commissioner of Inland Revenue’s paying rate of interest on overpaid tax is increased from 0.0% to 1.22% per annum.</p>
</div>
<div class="para">
<p class="text">These rates have been determined in accordance with the
<a class="leg-title" id="LMS730662" href="/regulation/public/2022/0233/8.0/link.aspx?id=DLM226899" name="DLM226899">Taxation (Use of Money Interest Rates Setting Process) Regulations 1997</a>.</p>
</div>
</div>
<div class="promulgation" id="d2258155e159">
<p class="issue-authority">Issued under the authority of the <a class="leg-title" id="LMS730663" href="/regulation/public/2022/0233/8.0/link.aspx?id=DLM7298104" name="DLM7298104">Legislation Act 2019</a>.</p>
<p class="gazette-date">Date of notification in <em>Gazette</em>: 18 August 2022.</p>
<p class="admin-office" id="d2258155e171">These regulations are administered by the <span class="ministry">Inland Revenue Department</span>.</p>
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NEW ZEALAND LEGISLATION LIST OF ACCESS KEYS * Skip to main content * Advanced search * Browse * About this site * How the site works * Contact us * News * Site map * Glossary * Access keys * Accessibility * Copyright * Privacy * Disclaimer * About legislation * Home * Advanced search * Browse * About this site * Web feeds * Tagged sections/clauses * Printing order QUICK SEARCH HelpQuickSearch ? Type Acts Bills Secondary legislation Other Instruments All Text title content HelpDRegQuickSearch ? MY RECENT SEARCHES * Ready-made feeds * Document list Click to subscribe: * All new Acts published in the last 30 days Atom icon * All Bills published in the last 30 days Atom icon * All new secondary legislation published in the last 30 days Atom icon * All consolidated Acts and secondary legislation published in the last 30 days Atom icon * All Other Instruments published in the last 30 days Atom icon * All publishing activity from the last 30 days Atom icon Remove all Your web feed document list is currently empty Feed name Days (1-90) Cancel Recreate an existing web feed To reload a previous document list or search, copy and paste your existing web feed URL into the field below, and press the Recreate button. URL Recreate an existing web feed Learn more about web feeds... Close ORDER COMMERCIALLY PRINTED COPIES FROM PRINT LEGISLATION Remove all Learn more about ordering prints... Learn more about printing your own copies... CloseGet quote TAXATION (USE OF MONEY INTEREST RATES) AMENDMENT REGULATIONS (NO 2) 2022 * latest version but not yet in force Search within this secondary legislation * By clauses * View whole (7KB) * Versions and amendments * Print/Download PDF [319KB] Please wait until the document is rendered... * Add to web feed * Order a commercial print * Contents * Previous clause * Next clause * Tag clause * Remove * Previous hit * Next hit 2022/233 TAXATION (USE OF MONEY INTEREST RATES) AMENDMENT REGULATIONS (NO 2) 2022 Cindy Kiro, Governor-General ORDER IN COUNCIL At Wellington this 15th day of August 2022 Present: Her Excellency the Governor-General in Council These regulations are made under section 120H(1)(b) of the Tax Administration Act 1994 on the advice and with the consent of the Executive Council. CONTENTS 1Title2Commencement3Application4Principal regulations5Regulation 2 amended (Taxpayer’s paying rate)6Regulation 3 amended (Commissioner’s paying rate)Explanatory noteAdministrative Information REGULATIONS 1 TITLE These regulations are the Taxation (Use of Money Interest Rates) Amendment Regulations (No 2) 2022. 2 COMMENCEMENT These regulations come into force on 30 August 2022. 3 APPLICATION These regulations apply on and after 30 August 2022. 4 PRINCIPAL REGULATIONS These regulations amend the Taxation (Use of Money Interest Rates) Regulations 1998. 5 REGULATION 2 AMENDED (TAXPAYER’S PAYING RATE) In regulation 2, replace “7.28%” with “7.96%”. 6 REGULATION 3 AMENDED (COMMISSIONER’S PAYING RATE) In regulation 3, replace “0.0%” with “1.22%”. Rachel Hayward, Acting 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 30 August 2022, amend the Taxation (Use of Money Interest Rates) Regulations 1998 to increase the taxpayer’s paying rate of interest on unpaid tax from 7.28% to 7.96% per annum. The Commissioner of Inland Revenue’s paying rate of interest on overpaid tax is increased from 0.0% to 1.22% per annum. These rates have been determined in accordance with the Taxation (Use of Money Interest Rates Setting Process) Regulations 1997. Issued under the authority of the Legislation Act 2019. Date of notification in Gazette: 18 August 2022. These regulations are administered by the Inland Revenue Department. * The Parliamentary Counsel Office * www.govt.nz * Home * Advanced search * Browse * About this site * Contact us * News * Site map * Glossary * Accessibility * Copyright * Privacy * Disclaimer