The prescribed rate used to calculate fringe
benefit tax for low-interest, employment-related loans has
dropped from 7.74 per cent to 7.33 per cent, Revenue
Minister Michael Cullen announced today.
The new rate
applies from 1 July 2003.
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. It
was last changed with effect from 1 April 2003.
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