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FBT rate for low interest loans up
23 February 2004 Media Statement
FBT rate for low interest loans up
The prescribed rate to calculate fringe
benefit tax for low-interest, employment-related loans will
rise from 7.08 per cent to 7.30 per cent on 1 April, Revenue
Minister Michael Cullen announced today.
The rate is reviewed regularly in line with the results of the Reserve Bank’s survey of first mortgage interest rates. It was last changed with effect from 1 October 2003.
The change was approved by Order in Council today.
ENDS
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