Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations 2007

2007/140

Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations 2007


Note

These regulations are administered by the Inland Revenue Department.


  • Preamble

    At Wellington this 28th day of May 2007

Pursuant to section ND 1F of the Income Tax Act 2004, His Excellency the Governor-General, acting on the advice and with the consent of the Executive Council, makes the following regulations.

1 Title
  • These regulations are the Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations 2007.

2 Commencement
  • These regulations come into force on the day after the date of their notification in the Gazette.

3 Principal regulations amended
4 Schedule 1 amended
  • Schedule 1 is amended by adding the following item:

    Quarter commencing 1 July 2007, and subsequent quarters9.79

Diane Morcom,

Clerk of the Executive Council.

Explanatory note

This note is not part of the regulations, but is intended to indicate their general effect.

These regulations, which come into force on the day after their notification in the Gazette, amend the Income Tax (Fringe Benefit Tax, Interest on Loans) Regulations 1995. They increase the rate of interest that applies for fringe benefit tax purposes to employment-related loans from 9.55% to 9.79% for the quarter commencing on 1 July 2007 and for subsequent quarters.


Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 31 May 2007.