Benefits in Kind (BIK)

Generally, non-cash benefits (e.g. accommodation or motorcars) provided by employers to their employees are treated as income of the employees. These benefits are called benefits in kind (BIK). There are several tax rules governing how these benefits are valued and reported for tax purposes. And one should also be aware of exemptions granted in certain cases. Benefits in kind is a tax area which could be complicated and this article is written to give you an overview of the rules involved. TAX SAVINGS THROUGH PROPER BIK PLANNING It is worthwhile spending time looking into this area - if BIK is properly planned and executed, there could be tax savings opportunities to the employers as well as

Voluntary Disclosure of Under Declared Tax

In an effort to boost revenue for the country, the Inland Revenue Board is offering a special tax amnesty called the Special Programme for Voluntary Disclosure. This measurement was also announced in the recent Budget 2019. The idea is to encourage people to make a voluntary disclosure of undeclared taxable income in return for some benefits. Voluntary Disclosure Benefits include Low tax penalty rates Income declared through this programme would not be reviewed further No prosecution for tax evasion Reduced penalty rates Under this programme, taxpayers who voluntary disclose their undeclared income and settle their underpaid tax by the following deadlines would be given a very low penalty. T

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