By Shelley-ann Brinkley – 10 May 2016

The use-of-money-interest rates charged by the IRD on underpaid and overpaid tax are periodically reviewed to ensure that they reflect changes in the current market rates.

Effective from 8 May 2016, the rate charged on underpaid tax dropped to 8.27% (from 9.21%), and the rate charged on overpaid tax dropped to 1.62% (from 2.63%).

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