Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations 2020
2020/129
Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations 2020
Patsy Reddy, Governor-General
Order in Council
At Wellington this 22nd day of June 2020
Present:
Her Excellency the Governor-General in Council
These regulations are made under section RA 21(3) and (4) of the Income Tax Act 2007 on the advice and with the consent of the Executive Council.
Regulations
1 Title
These regulations are the Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations 2020.
2 Commencement
These regulations come into force on 23 July 2020.
3 Principal regulations
These regulations amend the Income Tax (Fringe Benefit Tax, Interest on Loans) Regulations 1995 (the principal regulations).
4 Schedule 1 amended
In Schedule 1, after the item relating to the quarter commencing 1 October 2019, insert:
| Quarter commencing 1 July 2020, and subsequent quarters | 4.50 |
Michael Webster,
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 23 July 2020, amend the Income Tax (Fringe Benefit Tax, Interest on Loans) Regulations 1995.
These regulations reduce, from 5.26% to 4.50%, the rate of interest that applies for fringe benefit tax purposes to employment-related loans. The new rate applies for the quarter beginning 1 July 2020 and for subsequent quarters.
Date of notification in Gazette: 25 June 2020.
These regulations are administered by the Inland Revenue Department.