Tax bill submissions close on 5 July

The closing date for submissions on the Taxation (Annual Rates, GST and Miscellaneous Provisions) Bill is 5 July. The bill was introduced on 16 May and referred to the Finance and Expenditure Committee for consideration. The committee is to report back to Parliament by 31 August.

Submissions should be sent to the Clerk, Finance and Expenditure Committee, Parliament Buildings, Wellington.

FBT rate on low-interest, employment-related loans

The interest rate used to calculate fringe benefit tax for low-interest employment-related loans has been increased in line with market rates. The new rate, which will apply from the quarter beginning 1 July 2000, will be 8.1%, up from the present rate of 7.59%. The rate was changed by Order in Council on 29 May 2000.