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.
Contact: Patricia Herbert [senior press secretary] 471-9412 or 021-270-9013. E-mail [email protected]