Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations (No 2) 2008
2008/284
Income Tax (Fringe Benefit Tax, Interest on Loans) Amendment Regulations (No 2) 2008
Anand Satyanand, Governor-General
Order in Council
At Wellington this 25th day of August 2008
Present:
His Excellency the Governor-General in Council
Pursuant to section RA 21(3) 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 (No 2) 2008.
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 2008, and subsequent quarters 10.90
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 the rate of interest that applies for fringe benefit tax purposes to employment-related loans from 10.57% to 10.90% for the quarter commencing on 1 October 2008 and for subsequent quarters.
Date of notification in Gazette: 28 August 2008.
These regulations are administered by the Inland Revenue Department.