By Hayes Knight – 27 January 2011

The use of money interest (“UOMI”) rates charged by the IRD on underpaid and overpaid tax has changed in line with market interest rates, on which the UOMI rates are based.

From 16 January 2011, the UOMI rate on unpaid tax reduced to 8.89% (from 8.91%) and the UOMI rate for overpayments increased to 2.18% (from 1.82%).

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