The prescribed rate used to calculate fringe benefit tax on low-interest, employment-related loans will fall from 8.05% to 6.41% from 1 July, New Zealand's Revenue Minister Peter Dunne has announced.
The rate - which was set by Order in Council on June 22 - is reviewed regularly to align it with the results of the Reserve Bank's survey of variable first mortgage housing rates.
The new lowered rate reflects recent survey figures, based on a 164 basis points fall in variable first mortgage housing interest rates since the rate was last adjusted in January this year.
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