Inland Revenue Interest Rates
Two Orders in Council have been made updating the rates for use of money interest and the rate for calculating fringe benefit tax on employer-provided, low interest loans.
The new underpayment rate for use of money interest is 10.91% (previously 10.39%). The new overpayment rate is 4.67% (previously 3.53%). These will apply on and after 29 August 2023.
The new prescribed rate of 8.41% (previously 7.89%) for calculating fringe benefit tax on employer-provided loans applies for the quarter beginning 1 October 2023 and subsequent quarters.
The new underpayment rate for use of money interest is 10.91% (previously 10.39%). The new overpayment rate is 4.67% (previously 3.53%). These will apply on and after 29 August 2023.
The new prescribed rate of 8.41% (previously 7.89%) for calculating fringe benefit tax on employer-provided loans applies for the quarter beginning 1 October 2023 and subsequent quarters.
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