Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations (No 2) 2008

2008/284

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Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations (No 2) 2008

Anand Satyanand, Governor-General

Order in Council

At Wellington this 25th day of August 2008

Present:
His Excellency the Governor-General in Council

Pursuant to section RA 21(3) of the Income Tax Act 2007, His Excellency the Governor-General, acting on the advice and with the consent of the Executive Council, makes the following regulations.

Regulations

1 Title
  • These regulations are the Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations (No 2) 2008.

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 October 2008, and subsequent quarters10.90

Rebecca Kitteridge,
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 the date of 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 10.57% to 10.90% for the quarter commencing on 1 October 2008 and for subsequent quarters.


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

Date of notification in Gazette: 28 August 2008.

These regulations are administered by the Inland Revenue Department.