News

Back

IRD Credit and debit interest rate change on 30 August

On 30 August 2022 the interest rate on overpaid (credit interest) and underpaid (debit interest) tax will change. This is often called use of money interest, or UOMI.

The new rates are:

  • debit interest - 7.96% (up from 7.28%)
  • credit interest - 1.22% (up from 0%).

IRD review the rates regularly to make sure they align with market interest rates.


Source: www.ird.govt.nz