The
prescribed rate used to calculate fringe benefit tax for
low-interest, employment-related loans has dropped from 7.83
per cent to 7.74 per cent, Revenue Minister Michael Cullen
announced today.
The new rate applies from 1 April
2003.
The rate is reviewed regularly to ensure it is 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 October 2002.
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