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Q: My employer allows me to use a company car and allows me to claim all petrol expenses from the company. How much benefit in kind (BIK) should my employer declare in my Form EA and should the annual prescribed benefit of petrol be included?

A: The value of the BIK for the motorcar can be determined using either the formula method or the prescribed value method as per the table provided in Public Ruling No. 11/2019. Similarly, the value of the BIK for petrol can be determined based on actual expenditure incurred or using the prescribed value method in the same table. 

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

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