Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations 2011
2011/192
Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations 2011
Anand Satyanand, Governor-General
Order in Council
At Wellington this 30th day of May 2011
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 2011.
2 Commencement
These regulations come into force upon 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 April 2011, and subsequent quarters 5.90
Michael Webster,
for 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 upon their notification in the Gazette, amend the Income Tax (Fringe Benefit Tax, Interest on Loans) Regulations 1995. They decrease from 6.24% to 5.90% the rate of interest that applies for fringe benefit tax purposes to employment-related loans. The decrease applies for the quarter beginning on 1 April 2011 and subsequent quarters.
Date of notification in Gazette: 31 May 2011.
These regulations are administered by the Inland Revenue Department.