FBT rate for low-interest loans to rise
The prescribed rate used to calculate fringe benefit tax on low-interest, employment-related loans will rise from 10.57% to 10.90% from 1 October, Revenue Minister Peter Dunne announced today.
The rate is reviewed regularly to align it with the results of the Reserve Bank’s survey of first mortgage interest rates. It was last changed with effect from 1 April 2008.
The new rate was set by Order in Council this week.
Contact: Ted Sheehan
Press secretary to Mr Dunne
04 470 6985
021 638 920