FBT rate for low-interest loans up
The prescribed rate used to calculate fringe benefit tax on low-interest, employment-related loans will rise from 8.76 per cent to 9.01 percent from 1 July 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 April 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]