Credit and debit interest rate change on 30 August.
IRD regularly reviews rates to ensure they align with current market interest rates. As of August the 30th the interest rate on overpaid (credit interest) and underpaid (debit interest) tax will change.
The new rates are:
- debit interest – 7.96% (up from 7.28%)
- credit interest – 1.22% (up from 0%)
To see what interest is applied to, click here