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Low or Interest free loan Fringe Benefit - September 2022

Dear Community

The repurchase rate (repo rate) has increased from 5.5% to 6.25% on 23 September 2022. As of October 2022, the ‘low or interest-free loan/debt’ fringe benefit should be calculated by using the new ‘official interest rate’.

 The ‘official interest rate’ as defined in section 1 of the Income Tax Act:

= repo rate + 1%

= 6.26% + 1%

7.25%

Click here to find the current market rates.

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