If your employer provides you a company car, petrol card and/or car driver, you will notice that an amount will be treated as Benefit-In-Kind (BIK) in your EA Form, which is taxable.
The following table shows how the value of such taxable BIK value is calculated.
For example, if you are provided with a Honda Accord 2.4 which its cost is fall under the range of RM150,001-RM200,000, and you are also provided with a petrol card but no driver, your taxable BIK income will be RM7,000 + RM1,800 = RM8,800.
If your tax rate is 27%, then you will need to pay RM8,800 x 27% = RM2,376 for this BIK in your income tax. (Note: the maximum personal income tax rate will be reduced to 26% from assessment year 2010 onwards.)
This amount is normally already divided and deducted in your monthly PCB deduction.
3 comments:
Good info. Thanks
Hi,
I heard that BIK effective on 1/1/2012 is it true ?
Recently when I receive my payslip I see that the BIK deduction is RM 3600 is it correct ? I think its too much..
I thought i should be RM 3600 X 27 % （ for example ) = RM 927 ?
Pls advice & help .
@STW
I think you need to check it out with your HR.
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