The Tax Department (“TD”) issued a tax informative brochure for the tax treatment of Benefits in Kind. Up to now, the taxation of benefits in kind has been based mainly on the judgment and the practice followed by the TD. With this publication the TD aims to clarify what constitutes a benefit in kind and determine its tax treatment.
«Benefit in Kind» means the benefit granted or deemed to be granted by reason of office or employment of an individual.
Author: Mr. Constantinos Katchamis, Manager, Tax Consulting Services
Baker Tilly Klitou & Partners Ltd