Category India News.

Fringe Benefit Tax

The rationale behind FBT is that it helps restore equity and fairness to those employees who do not receive such benefits, and allows a Federal Government to more fairly assess taxpayer entitlement to government benefits, or liability to government taxes or levies. Fringe Benefits Tax (FBT) is the taxation of most, but not all fringe benefits, which are generally non-cash employee benefits.

As an employer, if you provide fringe benefits (perks) to your employees, or other people associated with your business, you must generally pay FBT on the value of these benefits. A new Clause 23B has been inserted in section 2 to define fringe benefits to mean any benefits referred to in section 115WB. The avowed objective of FBT is to tax in the hands of the employer the benefits usually enjoyed by the employees which cannot be attributed to individual employees.

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