Outline ·
[ Standard ] ·
Linear+
Taxable income for individuals, businesses
|
MSA
|
 Apr 29 2008, 02:49 PM
|
|
Hey i wanna ask something.
There is a sudden dispute of income tax in the whole office due to our new Financial Manager. Most of the staff in the company, the company gives us company car and use. That includes petrol and other travelling claims.
Are these claims taxable ? and what about vehicle are they taxable as well. Cuz i've noticed that my EA form they included our vehicle and we have to pay tax for those as well ?
If those are taxable it's kind crap that we're getting nothing out of it but getting taxed in return ? Should it be fair if at least those claims taxable should entitle for EPF benifit as well ?
This post has been edited by MSA: Apr 29 2008, 02:51 PM
|
|
|
|
|
|
MSA
|
Apr 29 2008, 04:23 PM
|
|
|
QUOTE(TaxSingam @ Apr 29 2008, 04:12 PM) BENEFIT IN KINDUSE OF CARThe use of a company car is deemed as a benefit in kind to you. Yes, unfortunately it is taxable and there is nothing much you can do about it. The alternative to this could be even more scarier. You could claim an allowance for the use if you own car. An allowance which is fixed and could be used to pay for the car itself. This FULL sum which is normally MUCH higher than your benefit in kind is taxable. What you could do to avoid this is using a company car which is stored in the company's premise after working hours. In that instance, there is no PRIVATE use and thus the company would not be charging a Benefit in Kind on your EA Form. Petrol & Traveling ClaimsIf they are CLAIMS ( ie. payments that are being reimbursed from actual receipts ), these claims are not taxable. If your company pays you a fixed sum of allowance which you use to pay for your claims (receipts with you and not submitted to the office) then you could try to offset these amounts. Please refer to the "traveling expense" under EXPENSE in TAXSAYA Good day, The vehicle thing have caused everyone in my office so much controversy because in the past we put that taxable and it have been like that for 8 years  All the sudden change of a new Finance Manager have caused quite some distress. But what about EPF. It's sorta weird that we have to tax our company car but we don't get EPF benefit  But anyway there's nothing much i can do about it cuz 2morrow is the last day  |
|
|
|
|
|
MSA
|
Apr 29 2008, 05:52 PM
|
|
|
|
|
|
|
|
Quote
0.0233sec
0.92
6 queries
GZIP Disabled