FBT rate for low interest loans up
The prescribed rate of interest used to calculate fringe benefit tax for low-interest, employment-related loans will increase on 1 October from 7.5 percent to 7.98 percent, Revenue Minister Michael Cullen announced today.
The rate, which last changed on 1 July this year, is reviewed regularly to align it with the results of the Reserve Bank's survey of first mortgage rates.
Contact: Patricia Herbert [press secretary] 04-471-9412 or 021-270-9013. E-mail: [email protected]