9 October 2001 Media Statement
Use-of-money interest rates to drop
The use-of-money interest rates on underpayments and overpayments of tax and duties are to drop in line with market
rates, Revenue Minister Michael Cullen announced today.
The rate for underpayments will decrease from 12.62 per cent to 11.93 per cent. The rate for overpayments will decrease
from 5.74 per cent to 4.83 per cent.
The new rates will apply from 8 November 2001.
The rates are reviewed regularly to ensure they are in line with market interest rates, Dr Cullen said. The new rates
are consistent with the base lending rate and the 90-day bill rate.
The rates were changed by Order in Council today.
ENDS