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FBT interest rate for cheap loans drops
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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