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FBT rate up for low-interest loans
Monday, 25 February 2008
FBT rate up for low-interest loans
The prescribed rate used to calculate fringe benefit
tax on low-interest, employment-related loans will rise from
10.37% to 10.57% from the quarter beginning 1 April 2008,
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.
The new rate reflects the Reserve Bank’s latest survey at
the end of January 2008.
The new rate was set by Order in
Council
today.
ENDS
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