Cloud Payroll - BIK : How to determine the Value of BIK?: Difference between revisions
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(Created page with "'''Question :''' <br> <big>'''How to determine the Value of BIK?'''</big> <br> <u><b>Answer :</b></u> a) The Formula Method ⇒ each benefit provided to the employee is ascertained by using the formula below: 500px ⇒ the prescribed average life span of the various assets is as in Appendix 1 ⇒ the benefit can be abated if: i. Provided for less than a year, or/and ii. Shared with another employee, or/and iii. Used for pu...") |
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⇒ the prescribed average life span of the various assets is as in Appendix 1 |
⇒ the prescribed average life span of the various assets is as in Appendix 1<br> |
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⇒ the benefit can be abated if: |
⇒ the benefit can be abated if: |
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b) The Prescribed Value Method |
b) The Prescribed Value Method |
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⇒ an alternative method to determine the value of the BIK provided by the employer to the employee |
⇒ an alternative method to determine the value of the BIK provided by the employer to the employee<br> |
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⇒ The schedules for the prescribed values of the benefits commonly provided to the employee are as in Appendix 2 |
⇒ The schedules for the prescribed values of the benefits commonly provided to the employee are as in Appendix 2<br> |
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⇒ The benefit can be abated if: |
⇒ The benefit can be abated if: |
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i. Provided for less than a year, or/and |
i. Provided for less than a year, or/and |