Cloud Payroll - BIK : Additional Info for Prescribed Value Method

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Question :
Additional Info for Prescribed Value Method


Answer :


For household furnishings, apparatus, and appliances, the prescribed value in respect of these benefits is given in Appendix 2 - (b) Prescribed Value of Household Furnishing, Apparatus and Appliances [[1]]


For other benefits, the prescribed value is listed in Appendix 2 - (c) Prescribed Value of Other Benefits[[2]]


For those other benefits not listed, it should be valued based on the below formula:


    Annual Value of the Benefit = Cost of Asset Provided as Benefit / Prescribed Average Life Span of The Asset 






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