An Introduction to Fringe Benefit Tax (FBT)
Fringe Benefit Tax (FBT)Introduced by FRCS on January 1 2012, with the intention of helping Fijians financially, Fringe Benefit Tax (FBT) now shifts the tax burden from employees to the employers. This tax is levied when an employer provides in kind or non-cash benefits to an employee.
As from 2012 employers are responsible for declaring and paying FBT on a quarterly basis at the rate of 20% on the following employee benefits; housing, motor vehicle, subsidised loans, travel and other personal benefits.
Health Insurance benefits provided to local employees (Fiji Citizens) are exempt from Fringe Benefit Tax
The computation of such tax can become cumbersome at times therefore, we at HLB stand ready to look after all your FBT related matters so that you can spend your valuable time on other valuable matters. Contact us now and let us share this responsibility with you.