FBT for low-interest loans down
The prescribed rate to calculate fringe benefit tax for low-interest, employment-related loans has dropped from 7.98 percent to 7.83 percent, Revenue Minister Michael Cullen announced today.
The new rate applies from l October 2002.
The rate is reviewed regularly to ensure it is in line with the results of the Reserve Bank's regular survey of first mortgage interest rates.
Contact: Patricia Herbert [press secretary] 04-471-9412 or 021-270-9013. E-mail [email protected]