[ad_1]

<p>Two Orders in Council have been made updating the rates for use of money interest and also for the rate for calculating fringe benefit tax on employer-provided, low interest loans respectively.</p>
<p>The new underpayment rate for use of money interest is 10.91% (previously 10.39%). The new overpayment rate is 4.67% (previously 3.53%). These will apply on and after 29 August 2023.</p>
<p>The new prescribed rate of 8.41% (previously 7.89%) for calculating fringe benefit tax on employer-provided loans applies for the quarter beginning 1 October 2023 and subsequent quarters.</p>
<p>Inland Revenue has published special reports detailing the changes ahead of coverage in an upcoming edition of the <em>Tax Information Bulletin</em>.</p>
<p><a href="/publications/2023/2023-sr-uomi-fbt-no2">Special reports on update to rates for UOMI and FBT on low-interest loans</a></p>

[ad_2]

Source link