Values for Non cash benefits
Department of Inland Revenue has published revised Values of non cash benefits for PAYE purposes. These are effective from 01.04.2018. Key Changes are given below.
- Value of Transport facilities provided by the employer
Engine | Non Cash benefit ( Rs. Per month) | ||
Vehicle | Driver | Fuel | |
- Fuel or Hybrid (Petrol/Diesel) - Not more than 1800 cc - Electrical Vehicles - Not more than 200 KW | 20,000 |
10,000 |
20,000 |
- Fuel or Hybrid (Petrol/Diesel) - more than 1800 cc - Electrical Vehicles – more than 200 KW |
35,000 |
10,000 | 30,000 |
- Category of above 3000cc and above 200Kw has been removed.
- If an employee provided with more than one vehicle for official or private use, only one vehicle should be considered as provided for private use and as the benefit from employment for PAYE tax purpose.
- Value of benefits from any residence provided by the Employer
The value of any place of residence should be considered as inclusive of any security, housemaids, servants, laundry etc.
- Loans on Concessionary rates
50% of difference between concessionary rate and the market rate specified annually by CGIR For the year of assessment 2018/2019 market rate specified by CGIR s 9.08% per annum.
- Provision of Medical Benefits
- 100% of such medical bills
- Payment of dental, medical or health insurance
A discharge or reimbursement of dental, medical or health insurance expenses where the benefit is not available to all full-time employees in equal terms
- 100% of the cost
- Payment of Payment of telephone bills & annual charges
– 50% of the cost
Click here to read the full document issued by IRD on 25th June 2018
