Fringe Benefit Tax Calculation Example Fringe Benefit Tax Low interest benefit is considered as fringe benefit extended to an employee and is taxable at a rate of 30 The actual benefit savings that employee makes is what is chargeable and not the loan or installment
The objective of this ooklet is to explain the system of deductin income tax from employees emoluments It does NOT therefore in an wa modif or replace the General Legislation Income Tax Act Cap 470 and the Tax Procedures Act 2015 The Guide is available on the KRA website NOTE I Fringe benefit tax is payable by every employer in respect of a loan provided to an employee director or their relatives at an interest rate lower than the market interest rate
Fringe Benefit Tax Calculation Example
Fringe Benefit Tax Calculation Example
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Fringe Benefit Tax Bartleby
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How To Calculate Fringe Benefit Tax
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The prevailing personal income tax rate is used to calculate the applicable tax rate for fringe benefits which is based on the employee s total taxable income Employee Taxation The value of fringe benefits is added to the employee s taxable income and is subject to personal income taxation Fringe benefit tax is provided under section 12B of the Income Tax Act which became effective from 12th June 1998 in respect of loans provided to an employee director or their relatives at an interest rate lower than the market interest rate
How you work out the taxable value of a fringe benefit varies according to the type of benefit If the cost of the fringe benefit included GST include this in the taxable value If you provided car fringe benefits you can use the FBT car calculator to work out the taxable value of those benefits FBT car calculator 7 minutes Fringe benefit tax quarterly calculator Use this calculator to work out FBT on all benefits provided when you file quarterly FBT returns Select the rate and add GST exempt or zero rated fringe benefits Select either the standard rate or alternate rate Add any GST exempt or zero rated fringe benefits
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Lecture Summary For Fringed Benefits Tax Methodology Fringe
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FBT is put mostly in place to ensure that employees pay taxes on the whole value of their compensation from employers not just their salaries Taxing fringe benefits helps prevents employees from obtaining non monetary compensation not subject to tax FRINGE BENEFIT TAX For the purposes of Section 12B of the Income Tax Act the Market Interest Rate is 7 This rate shall be applicable for the three months of January February and March 2020 DEEMED INTEREST RATE For purposes of section 16 5 the prescribed rate of interest is 7
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Fringe Benefit Tax Low interest benefit is considered as fringe benefit extended to an employee and is taxable at a rate of 30 The actual benefit savings that employee makes is what is chargeable and not the loan or installment
https://www.kra.go.ke/images/publications/PAYE_Guide-2.pdf
The objective of this ooklet is to explain the system of deductin income tax from employees emoluments It does NOT therefore in an wa modif or replace the General Legislation Income Tax Act Cap 470 and the Tax Procedures Act 2015 The Guide is available on the KRA website NOTE I
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