TAX FOCUS HOW WILL THE NEW VEHICLE BIK RULES IMPACT YOU AND YOUR STAFF?
New BIK rules may be costly for staff By Robert Lohan FCA, CTA – Tax Director at DHKN From 1 January 2023 Benefit in Kind (BIK) on company cars will be calculated by reference to their CO2 emissions. The BIK on company vans will also increase, from 5% to8% on this date. For many employees this will change the amount of PAYE, PRSI USC they will have to pay each month. It may also cause employers to re-consider what vehicles they provide – or whether they should provide any at all – as well as how they manage collection and reporting of data on employees’ usage of their company vehicles.
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