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.

1 Title

2 Commencement

3 Principal regulations amended

4 Schedule 1 amended

Regulations

1 Title

These regulations are the Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations (No 3) 2009.

2 Commencement

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

3 Principal regulations amended

These regulations amend the Income Tax (Fringe Benefit Tax, Interest on Loans) Regulations 1995.

4 Schedule 1 amended

Schedule 1 is amended by adding the following item:

Quarter commencing 1 October 2009, and subsequent quarters 6.00

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 reduce from 6.41% to 6.00% the rate of interest that applies for fringe benefit tax purposes to employment-related loans. The reduction applies for the quarter beginning on 1 October 2009 and subsequent quarters.

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

Date of notification in Gazette: 26 November 2009.

These regulations are administered by the Inland Revenue Department.

Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations (No 3) 2009