FBT rate up for low-interest loans
The prescribed rate used to calculate fringe benefit tax on low-interest, employment-related loans will rise from 10.37% to 10.57% from the quarter beginning 1 April 2008, Revenue Minister Peter Dunne announced today.
The rate is reviewed regularly to align it with the results of the Reserve Bank's survey of first mortgage interest rates. The new rate reflects the Reserve Bank’s latest survey at the end of January 2008.
The new rate was set by Order in Council today.
Contact: Rachel Baxter, Revenue advisor, Tel 04 471 9728