PERQUISITES AND BENEFITS-IN-KIND - PU(A) 152/2009
Effective Y/A 2008 to Y/A 2010:
a. Perquisites in relation to travel allowance, petrol card, petrol allowance or any of its combination for travelling between the home and work place up to RM2400 per year.
Effective Y/A 2008:
b. Perquisites in relation to travel allowance, petrol card, petrol allowance or toll rate or any of its combination for travelling for official duties up to RM6000 per year.
c. Parking rate of parking allowance
d. Meal allowance
e. Child care allowance of up to RM2400 per year
f. Gifts and monthly bills for fixed line telephone, mobile phone, pager or broadband
g. The amount of subsidy on interest of housing, education or car loan shall be determined in accordance with the following formula:
A x B
C
A = Amount of Interest to be borne by employee (-) Amount of Interest Payable by employee
B = Total aggregate of balance of principal amount of loan taken by employee or RM300,000 (whichever is the lower)
C = Total aggregate of principal amount of loan taken by employee
h. Medical benefits exempted from tax be extended to include expenses on maternity and traditional medicines
i. Discounted price for consumable business products of the employer up to RM1000 per year and
j. Discounted price for services provided by the business of the employer and for the benefit of the employee, spouse and child of employee
The above exemptions are not extended to an employee where the employee has control over his/her employer.
Accounting is important for businesses for several reasons. Effective record keeping helps a business survive efficiently all the while keeping track of the operations of the company.
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