The prescribed rate used to calculate fringe
benefit tax on low interest, employment-related loans will
rise from 7.50 percent to 8.02 percent from 1 October 2004,
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 rates. It was last
changed with effect from 1 July 2004.
The change was
approved by Order in Council
today.
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