diff --git a/src/libs/CurrencyUtils.ts b/src/libs/CurrencyUtils.ts
index 9e54efa7a03d..7d11bd0d61ae 100644
--- a/src/libs/CurrencyUtils.ts
+++ b/src/libs/CurrencyUtils.ts
@@ -164,7 +164,7 @@ function convertAmountToDisplayString(amount = 0, currency: string = CONST.CURRE
     return NumberFormatUtils.format(BaseLocaleListener.getPreferredLocale(), convertedAmount, {
         style: 'currency',
         currency,
-        minimumFractionDigits: 4,
+        minimumFractionDigits: CONST.MAX_TAX_RATE_DECIMAL_PLACES,
     });
 }
 
diff --git a/src/libs/PolicyDistanceRatesUtils.ts b/src/libs/PolicyDistanceRatesUtils.ts
index 415fcc627b4e..8e4d68f78b4c 100644
--- a/src/libs/PolicyDistanceRatesUtils.ts
+++ b/src/libs/PolicyDistanceRatesUtils.ts
@@ -17,7 +17,7 @@ function validateRateValue(values: FormOnyxValues<RateValueForm>, currency: stri
     const decimalSeparator = toLocaleDigit('.');
 
     // Allow one more decimal place for accuracy
-    const rateValueRegex = RegExp(String.raw`^-?\d{0,8}([${getPermittedDecimalSeparator(decimalSeparator)}]\d{0,4})?$`, 'i');
+    const rateValueRegex = RegExp(String.raw`^-?\d{0,8}([${getPermittedDecimalSeparator(decimalSeparator)}]\d{0,${CONST.MAX_TAX_RATE_DECIMAL_PLACES}})?$`, 'i');
     if (!rateValueRegex.test(parsedRate) || parsedRate === '') {
         errors.rate = Localize.translateLocal('common.error.invalidRateError');
     } else if (NumberUtils.parseFloatAnyLocale(parsedRate) <= 0) {
diff --git a/src/pages/workspace/distanceRates/CreateDistanceRatePage.tsx b/src/pages/workspace/distanceRates/CreateDistanceRatePage.tsx
index 353bf42afe29..7566f458fcff 100644
--- a/src/pages/workspace/distanceRates/CreateDistanceRatePage.tsx
+++ b/src/pages/workspace/distanceRates/CreateDistanceRatePage.tsx
@@ -85,7 +85,7 @@ function CreateDistanceRatePage({route}: CreateDistanceRatePageProps) {
                         <InputWrapperWithRef
                             InputComponent={AmountForm}
                             inputID={INPUT_IDS.RATE}
-                            fixedDecimals={4}
+                            fixedDecimals={CONST.MAX_TAX_RATE_DECIMAL_PLACES}
                             isCurrencyPressable={false}
                             currency={currency}
                             ref={inputCallbackRef}
diff --git a/src/pages/workspace/distanceRates/PolicyDistanceRateEditPage.tsx b/src/pages/workspace/distanceRates/PolicyDistanceRateEditPage.tsx
index 059c11298360..30ab4b40d958 100644
--- a/src/pages/workspace/distanceRates/PolicyDistanceRateEditPage.tsx
+++ b/src/pages/workspace/distanceRates/PolicyDistanceRateEditPage.tsx
@@ -31,13 +31,12 @@ function PolicyDistanceRateEditPage({route}: PolicyDistanceRateEditPageProps) {
 
     const policyID = route.params.policyID;
     const rateID = route.params.rateID;
-
     const policy = usePolicy(policyID);
     const customUnits = policy?.customUnits ?? {};
     const customUnit = customUnits[Object.keys(customUnits)[0]];
     const rate = customUnit?.rates[rateID];
     const currency = rate?.currency ?? CONST.CURRENCY.USD;
-    const currentRateValue = (parseFloat((rate?.rate ?? 0).toString()) / CONST.POLICY.CUSTOM_UNIT_RATE_BASE_OFFSET).toFixed(4);
+    const currentRateValue = (parseFloat((rate?.rate ?? 0).toString()) / CONST.POLICY.CUSTOM_UNIT_RATE_BASE_OFFSET).toFixed(CONST.MAX_TAX_RATE_DECIMAL_PLACES);
 
     const submitRate = (values: FormOnyxValues<typeof ONYXKEYS.FORMS.POLICY_DISTANCE_RATE_EDIT_FORM>) => {
         if (currentRateValue === values.rate) {
@@ -89,7 +88,7 @@ function PolicyDistanceRateEditPage({route}: PolicyDistanceRateEditPageProps) {
                     <InputWrapperWithRef
                         InputComponent={AmountForm}
                         inputID={INPUT_IDS.RATE}
-                        fixedDecimals={4}
+                        fixedDecimals={CONST.MAX_TAX_RATE_DECIMAL_PLACES}
                         defaultValue={currentRateValue}
                         isCurrencyPressable={false}
                         currency={currency}
diff --git a/src/pages/workspace/distanceRates/PolicyDistanceRateTaxReclaimableEditPage.tsx b/src/pages/workspace/distanceRates/PolicyDistanceRateTaxReclaimableEditPage.tsx
index 0fd6baa89ef3..f20272dd2f5c 100644
--- a/src/pages/workspace/distanceRates/PolicyDistanceRateTaxReclaimableEditPage.tsx
+++ b/src/pages/workspace/distanceRates/PolicyDistanceRateTaxReclaimableEditPage.tsx
@@ -34,7 +34,8 @@ function PolicyDistanceRateTaxReclaimableEditPage({route, policy}: PolicyDistanc
     const customUnit = customUnits[Object.keys(customUnits)[0]];
     const rate = customUnit.rates[rateID];
     const currency = rate.currency ?? CONST.CURRENCY.USD;
-    const currentTaxReclaimableOnValue = rate.attributes?.taxClaimablePercentage && rate.rate ? ((rate.attributes.taxClaimablePercentage * rate.rate) / 100).toFixed(4) : '';
+    const currentTaxReclaimableOnValue =
+        rate.attributes?.taxClaimablePercentage && rate.rate ? ((rate.attributes.taxClaimablePercentage * rate.rate) / 100).toFixed(CONST.MAX_TAX_RATE_DECIMAL_PLACES) : '';
 
     const submitTaxReclaimableOn = (values: FormOnyxValues<typeof ONYXKEYS.FORMS.POLICY_DISTANCE_RATE_TAX_RECLAIMABLE_ON_EDIT_FORM>) => {
         if (values.taxClaimableValue === currentTaxReclaimableOnValue) {
@@ -85,7 +86,7 @@ function PolicyDistanceRateTaxReclaimableEditPage({route, policy}: PolicyDistanc
                     <InputWrapperWithRef
                         InputComponent={AmountForm}
                         inputID={INPUT_IDS.TAX_CLAIMABLE_VALUE}
-                        fixedDecimals={4}
+                        fixedDecimals={CONST.MAX_TAX_RATE_DECIMAL_PLACES}
                         defaultValue={currentTaxReclaimableOnValue?.toString() ?? ''}
                         isCurrencyPressable={false}
                         currency={currency}