Plain language law

New Zealand law explained for everyone

Tax Administration Act 1994

Interest - General provisions

120H: Setting and varying interest rates

You could also call this:

"The Governor-General decides interest rates and how they change."

Illustration for Tax Administration Act 1994

The Governor-General can make decisions about interest rates. You need to know that they can decide how interest rates are set and changed. They can also set the rates that the Commissioner pays and that taxpayers pay, and you can find more information about how these orders are published by looking at Part 3 of the Legislation Act 2019.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM355158.

Topics:
Money and consumer rights > TaxesMoney and consumer rights > Banking and loansGovernment and voting > Government departments
Previous

120G: Payment date, or

"When you have to pay tax and interest"

Next

120I: No right to object to interest, or

"You can't argue about paying interest on your tax debt."

Part 7Interest
General provisions

120HSetting and varying interest rates

  1. The Governor-General may from time to time, by Order in Council,—

  2. specify the criteria and other requirements by and against which interest rates will be set or reset and notified for the purposes of this Part:
    1. set the Commissioner's paying rate and taxpayer's paying rate.

      1. An order under this section is secondary legislation (see Part 3 of the Legislation Act 2019 for publication requirements).

      Notes
      • Section 120H: inserted, on , by section 36(1) of the Tax Administration Amendment Act (No 2) 1996 (1996 No 56).
      • Section 120H(2): inserted, on , by section 3 of the Secondary Legislation Act 2021 (2021 No 7).