FBT interest rate for cheap loans drops
Monday, 27 August 2001, 5:06 pm
Press Release: New Zealand Government
27 August 2001 Media Statement
FBT interest rate for
cheap, job-related loans drops
The prescribed rate
of interest used to calculate fringe benefit tax for
low-interest, employment-related loans has decreased from
7.95 percent to 7.69 percent, Revenue Minister Michael
Cullen announced today.
The new rate was approved by
Order in Council today and applies from the quarter
beginning 1 July 2001.
The rate is reviewed regularly to
ensure it is in line with the Reserve Bank's survey of first
mortgage interest rates. It last changed with effect from
the quarter beginning 1 April 2001.
ENDS
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