By Shelley-ann Brinkley – 2 April 2012

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

Effective from 8 May 2012, the rate charged on underpaid tax will fall to 8.40% (from 8.89%), and the rate charged on overpaid tax will drop from 2.18% to 1.75%.

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