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Malaysia Benefit in Kind of Cars Table

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A motorcar which is provided to the employee is regarded to be used privately if. The BIK value reduce to half if the car is more than 5 years old however petrol remains the same. Malaysia Passenger Car Sales 2020 Statista Where the formula method is used the value of the benefit can be reduced if the employee is required to pay a sum of. . So going back to Questions 1 the benefits on the value of private use of the car and petrol provided is benefit-in-kind and taxable to the person receiving the benefit. INLAND REVENUE BOARD MALAYSIA Date of Issue. Lower of the Two Calculations. 22004 issued on 8 November 2004. These benefits are called benefits in kind BIK. Annual value of BIK Cost of the car to the employer 8 years prescribed lifespan for motorcars x 80. Motorcar and other related benefits 711. Annual Defined Value. 22 However there are certain benefits-in-kind which are either exempted from tax or are...
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