Government reviews FBT

Friday 1st November 2002

The government review of the fringe benefit tax (FBT) is unlikely to bring much relief but it could address some long-standing issues such as cars being taxed at their purchase price rather than their depreciated value.

The review, announced this week by Associate Revenue Minister Paul Swain, will not result in a lower tax take.

"We want to know what other areas of FBT are of concern to employers. As a first step, the government is consulting with employers and other interested parties about what issues they think should be covered in the review and how fringe benefit tax compliance costs can be reduced," Mr Swain said.

Submissions to launch the review are requested by Inland Revenue by December 13.

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