Benefits in kind
What is the benefit in kind?
The benefit in kind is the non-monetary benefit that employees and other persons receiving from the employer. Such benefits are taxable. The Income Tax Act (and Ordinance on Income Tax) treats them equalized with the salary and other income, and the Law on VAT (and Ordinance on VAT) are considered taxable deliveries. So, generosity is beautiful but expensive.
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The tax treatment of personal vehicles in the business
Encouraged by tax changes of 1st March 2012 and some misconceptions that are circulating these days, in relation to personal vehicle in the business, hereinafter we give the basic notes:
First about misconception
Misconception: “The cars for personal use can not be bought anymore on the company.” This of course is not true. Why? Because personal vehicle has a function in the business and basically represents the company’s assets (crafts) as well as all other assets. What is not allowed is to purchase a personal vehicle on behalf of the business, with the intention of using exclusively in private purposes, while there is no economic benefit for society (further providing vehicles for rental-leasing). This also applies to other types of assets and expenses. It should be noted that the tax regulations generally do not define what is allowed to buy or not, but how to calculate taxes in a particular situation.
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Taxation of representation expenses and promotions
We will not grumble about permanent tax changes, when they redound. And this subject is, in terms of tax regulation, far more favorable for entrepreneurs. This topic we could also call the Hosting and bestowal of business partners, in the text we will include other forms of bestowal of business partners.
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Tax treatment of interests on loans
In the article we are listing the situations that are the most frequent subject of the questions regarding the tax status of interests among entrepreneurs.
1. Interests from the aspect of VAT
On the interests and default interests is not charged VAT.
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