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Benefits-in-kind
In generally, all gains
and profits derived by an employee in respect of his employment are taxable,
unless they are specially exempt from income tax. Gains and profits could
include cash payments or benefits-in-kind (BIK) provided to the employee.
Certain BIK
are often overlooked or difficult to allocate and assign to specific employees.
As a result, the IRAS recently granted two new administrative concessions
with effect from 1 January 2004.
- Free or
Subsidised Food and Drinks and Transportation services
- Healthcare
Benefits
- Special
company functions, certain facilities, and corporate gifts
- Creativity
/ Innovation Awards
- Upgrading
skills/ knowledge building
- Gift for
Special Occasions
Please
click here
for more details.
Updated
January 2006 |
