FBT rate for low-interest loans down
The prescribed rate to calculate fringe benefit tax for low-interest, employment-related loans has dropped from 7.33 per cent to 7.08 per cent, Revenue Minister Michael Cullen announced today.
The new rate applies from 1 October 2003.
The rate is reviewed regularly in line with the results of the Reserve Bank's regular survey of first mortgage interest rates. It was last changed with effect from 1 July 2003.
Contact: Patricia Herbert [press secretary] 04-471-9412 or 021-270-9013. E-mail [email protected]