FBT For Low-Interest Loans Up
21 May 2002
The prescribed rate of interest used to calculate fringe benefit tax for low-interest, employment-related loans has increased from 6.7 percent to 7.5 percent, Revenue Minister Michael Cullen announced today.
The new rate applies from l July 2002.
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 last changed on 1 January.