FBT rate for low-interest loans up
The prescribed rate use to calculate fringe benefit tax on low-interest, employment-related loans will rise from 8.52 per cent to 8.76 per cent from 1 April 2005, Revenue Minister Michael Cullen announced today.
The rate is reviewed regularly to align it with the results of the Reserve Bank's survey of first mortgage rates. It was last changed with effect from 1 January 2005.
The new rate was set by Order in Council today.
Contact: Patricia Herbert [press secretary] 04-471-9412 or 021-270-9013. E-mail [email protected]