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.
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