Navigating the use-of-money-interest (UOMI) rules can be tricky for many taxpayers, particularly when it comes to paying and managing provisional tax. As the New Zealand Reserve Bank increases the Official Cash Rate in response to inflation, so too have Inland Revenue’s UOMI rates risen. On 17 January 2023, the UOMI under payment rate increased to 9.21% (from 7.96%) while the overpayment rate increased to 2.31% (from 1.22%). So you might be wondering how the rates are set, what triggers an increase and what might be in store for 2023?
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