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FBT Rate For Low Interest Loans Up

20 August 2002

FBT Rate For Low Interest Loans Up

The prescribed rate of interest used to calculate fringe benefit tax for low-interest, employment-related loans will increase on 1 October from 7.5 percent to 7.98 percent, Revenue Minister Michael Cullen announced today.

The rate, which last changed on 1 July this year, is reviewed regularly to align it with the results of the Reserve Bank’s survey of first mortgage rates.

Ends

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