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n Tax Breaks Newsletter - Beware the consequences of overstating travel allowances

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Abstract

Extracted from text ... IT IS important for employers to understand the risk they carry should they incorrectly structure employees' salaries. If we look back, allowances were normally structured into employees' salary packages in order to reduce the tax burden on employees' salaries and benefits. This in turn had a positive cost reduction for the employer as the employer was able to pay lower salaries. However, this was not necessarily correct or legal. In doing so, the employer was actually exposing the entity to tax risk. Legislation has not changed, but our Revenue authorities have become more aware of these types of salary ..

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/content/montb/2006/240/EJC78223
2006-01-01
2016-12-02
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