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 decrease, from 10.90% to 8.05%, the rate of interest that applies for fringe benefit tax purposes to employment-related loans. The decrease applies for the quarter commencing on 1 January 2009 and for subsequent quarters.
Date of notification in Gazette: 5 February 2009.
These regulations are administered by the Inland Revenue Department.