Increased IRD Mileage Rate
The IRD’s mileage rate has been increased to 73 cents per km (up from 72 cents) effective for the 2017 financial year. This applies to both petrol & diesel fuel vehicles. The increase is largely due to higher average fuel costs and a slight increase in fixed vehicle costs during the 2017 Financial Year.
For the first time, they have also set mileage rates for hybrid & electric cars. These rates are:
Hybrid – 73 cents per km
Electric – 81 cents per km
If you charge your customers for travel based on the IRD rate, you may consider updating your invoice templates.