Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations 2010

2010/300

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Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations 2010

Anand Satyanand, Governor-General

Order in Council

At Wellington this 30th day of August 2010

Present:
His Excellency the Governor-General in Council

Pursuant to section RA 21(3) and (4) 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 2010.

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 2010, and subsequent quarters 6.24

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 from 6.00% to 6.24% the rate of interest that applies for fringe benefit tax purposes to employment-related loans. The increase applies for the quarter beginning on 1 October 2010 and subsequent quarters.


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

Date of notification in Gazette: 2 September 2010.

These regulations are administered by the Inland Revenue Department.