FBT interest rate for low interest loans drops
26 November 2001 Media Statement
FBT interest rate for low interest loans drops
The prescribed rate of interest
used to calculate fringe benefit tax for low-interest,
employment-related loans has dropped from 7.69 percent to
7.19 percent, Revenue Minister Michael Cullen announced
today.
The new rate applies from the quarter beginning 1 October 2001.
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.
ENDS