20/11/2019
📌 Distinctions Between Perquisites And Benefits In Kind (BIK)
Perquisites and BIK are benefits arising from an employment. These benefits are gross income from employment and is taxable. However, there are differences between these benefits.
🔎 Perquisites are benefits in cash or in kind which are convertible into money received by an employee from his employer or from third parties in respect of having or exercising an employment. Perquisites are taxable as part of the gross income from employment.
🔎 BIK are benefits which are not convertible into money provided for the employee by or on behalf of the employer. These benefits are categorised as gross income from employment. The tax treatment on BIK is explained in detail in the PR No. 3/2013: Benefits-In-Kind dated 15 March 2013.
