When a car is provided by an employer to an employee or director and the beneficiary also uses the car for private purposes a taxable benefit in kind is generated.
This benefit in kind is subject to withholding taxes. The taxable value of the benefit is added to the taxable remuneration, the total is subject to withholding taxes.
Benefits in kind are normally taxed on their market value. With regard to company provided cars the value is determined on a lump sum basis.
|Benefit in kind for income year 2019 (Fiscal year 2020)|
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