Taxation Update affecting company vehicles
The determined value in calculating the benefit on the use of a company vehicle will change with effect from March 1st 2015. The value will no longer be based on the cost to the employer but will be based on the retail market value. The Minister of Finance will issue a regulation in a Gazette to define the retail market value.
The change will not apply to employees who currently have the right of use of a motor vehicle, it is only applicable in respect of vehicles acquired on or after March 1st 2015.
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