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Car and car-related benefits given to an employee are taxable based on the value of benefit derived from the employee’s private usage of the car or car-related items. On this page: Tax Treatment of Various Car and Car-related Benefits (Summary Table)
To estimate your yearly fuel cost for the vehicle (s) you have chosen above, please fill in the mileage and fuel cost. For the latest fuel prices at the pumps, please visit the websites of the relevant oil companies in Singapore. Annual Mileage.
Calculate daily, monthly & yearly fuel costs for petrol (gas) or diesel vehicles (Fuel Cost Calculator SGP). Easy to use! Enter distance, mileage (fuel efficiency) & local fuel price.
On 14 December 2018, the Inland Revenue Authority of Singapore (IRAS) announced a new formula for calculating taxable car benefits, effective from year of assessment (YA) 2020.1 This new formula is meant to better reflect the prevailing costs of car ownership and maintenance.
The passenger payment is up to 5p per mile tax-free. If the employer makes mileage allowance payments of less than the amounts shown above to the employee, then the employee (or office holder) is entitled to ‘mileage allowance relief’.
14 gru 2018 · 1 Aim. 1.1 This e-Tax guide replaces the previous two guides “Change in Basis for Computing Taxable Car Benefit” and “Basis for Computing Taxable Car Benefit”1. 1.2 It is relevant to employers who provide cars to their employees and the employees derive benefits from their private usage of the cars. 2 At a glance.
The IRAS has changed the prescribed formula for calculating the taxable car benefit in Singapore. The formula to be used is dependent on the type of car provided (i.e., employer-owned car, employer-leased car) and whether the employer bears the cost of petrol.
