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FBT rate for low-interest loans to rise

FBT rate for low-interest loans to rise

Revenue Minister Todd McClay has announced the new prescribed interest rate used to calculate fringe benefit tax on low-interest loans provided by employers will be 6.13% from 1 July 2014.

The previous rate was 5.90%.

The rate is reviewed regularly to align it with the results of the Reserve Bank’s survey of variable first mortgage housing rates to ensure it is in line with market interest rates.

The new rate was set by Order in Council on Monday and gazetted today.

ends

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