Hon Dr Michael Cullen
Minister of Revenue
MEDIA STATEMENT
FBT rate for low interest loans up
The prescribed rate to calculate fringe benefit tax for low-interest, employment-related loans will rise from 7.08 per cent to 7.30 per cent on 1 April, Revenue Minister Michael Cullen announced today.
The rate is reviewed regularly in line with the results of the Reserve Bank's survey of first mortgage interest rates. It was last changed with effect from 1 October 2003.
The change was approved by Order in Council today.
Contact: Patricia Herbert [press secretary] 04-471-9412 or 021-270-9013. E-mail: [email protected]