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2015APPENDIX 8AValue of BenefitsinKind for the Year Ended 31 Dec 2014 (Fill in this form if applicable and give it to your employee by 1 Mar 2015 for his submission together with his Income Tax Return)Full
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Value of benefits-in-kind is reported to account for non-cash compensation provided to employees by their employer.
Employers are required to file value of benefits-in-kind for each employee who received non-cash compensation.
Value of benefits-in-kind should be filled out by utilizing the appropriate forms provided by the tax authority and reporting the necessary information for each employee.
The purpose of value of benefits-in-kind is to ensure that non-cash compensation provided to employees is properly accounted for and taxed accordingly.
Information such as the nature of the non-cash benefits provided, the value of those benefits, and the name and identification number of the employee receiving the benefits must be reported on value of benefits-in-kind forms.
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