The prescribed rate used to calculate fringe
benefit tax on low-interest, employment-related loans will
rise from 7.30 per cent to 7.50 per cent from 1 July,
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 April 2004.
The change
was approved by Order in Council today.
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