There's a speedo drive in the gearbox which needs to be the correct ratio for your speedo.
Unscrew the speedo cable from the gearbox, and undo the 10mm bolt holding the little plate. You should be able to pull out the speedo drive. In the T50, there are 19, 21 and 22 tooth gears. A little further inside should be another gear with 5 or 6 tooth. You need to mix and match to suit your diff, speedo, tyres etc.
Gears can be taken out of K series box and other T series boxes (from AE71, etc).
There was a thread about this with a formula to calculate what you need, but I can't seem to find it anymore.
Edit: Going by your username, I'm assuming you're running a T50.
Edit no.2: You can change the gears or you can get your speedo gauge recalibrated, costs around $150+ from what I've read.
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