Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations (No 2) 2009

2009/182

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Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations (No 2) 2009

Rt Hon Dame Sian Elias, Administrator of the Government

Order in Council

At Wellington this 22nd day of June 2009

Present:
Her Excellency the Administrator of the Government in Council

Pursuant to section RA 21(3) of the Income Tax Act 2007, Her Excellency the Administrator of the Government, 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) 2009.

2 Commencement
  • These regulations come into force on 1 July 2009.

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

    Quarter commencing 1 July 2009, and subsequent quarters 6.41

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 1 July 2009, amend the Income Tax (Fringe Benefit Tax, Interest on Loans) Regulations 1995. They reduce from 8.05% to 6.41% the rate of interest that applies for fringe benefit tax purposes to employment-related loans. The reduction applies for the quarter beginning on 1 July 2009 and subsequent quarters.


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

Date of notification in Gazette: 25 June 2009.

These regulations are administered by the Inland Revenue Department.