Most benefits from employment that are provided in addition to your salary are subject to income tax. The Revenue Commissioners are responsible for the collection of taxes on behalf of the Government.
Generally, there are two types of benefits that an employee may get in addition to a salary:
Benefits-in-kind: These are benefits that an employee receives that cannot be converted into cash but have a cash value. Examples include provision of a company car, loans given at a special rate or provision of accommodation. All employees who earn more than €1,905 per year pay tax on the value of any benefits and benefits-in-kind.
Benefits (other than benefits-in-kind): Examples include vouchers, holidays, payment of an employee's bills and prizes. Taxation of benefits (other than benefits-in-kind), is made literally on the value of the benefit. For example, an employer provides you with a holiday voucher worth €2,000. This is treated as €2,000 income for tax purposes and is taxed accordingly.
To know more about the benefits-in-kind and the benefits (other than benefits-in-kind) that are exempt from tax or can be received tax efficiently you can visit Taxation of benefits from employment webpage.
|Find out more about what expats might ask for in our post on expat compensation packages.|
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