Which taxed fringe benefits are mentioned in BVI law?
"The following benefits are mentioned in the montlhy wage tax return:
Accommodation: When a rent allowance is paid, the full amount must be included as remuneration. When the employer pays for the employee's accommodation, the amount of the rent must be included as remuneration. If the employee lives in an employer owned accommodation, the value of the benefit is fifteen (15%) of the basic salary or wage and must be included as remuneration.
Vehicle: When the employer provides a vehicle for the employee's use, the benefit is USD 250.00 per month and must be included as remuneration. When a vehicle allowance is paid, the amount of the allowance must be recorded as remuneration.
Meals while on duty: When the employer provides meals for the employee while on duty, the value of the benefit is USD 200.00 per month and must be included as remuneration.
Employer contributions to a non-approved retirement, life, hospital and health insurance schemes are taxable benefits and should be recorded as remuneration. However, if these schemes are approved by the Commissioner, the benefits are not taxable and should not be recorded as remuneration. The employer is required to apply for and obtain the necessary approval."