Kenya | What needs to be captured on the Company Car Fringe Benefit Details Screen?
When adding the Company Car Fringe Benefit under the Recurring Payroll Component Screen.
- Payroll Processing > Recurring Payroll Components > Fringe Benefit
The Fringe Benefit requires to complete details of the Vehicle to apply the calculation.
These fields need to be completed to calculate the correct Fringe Benefit amount to apply the correct Taxation of the company car.
How the fields need to be completed is as stated below:
- Effective Date :
> This is the date required for the Company Car Fringe Benefit to start being applied.
- Car Description / Registration Number :
> Either the description of the vehicle needs to be added or the vehicles registration number.
- Annual Car Value / Leased Value :
> The original purchase price of the vehicle needs to be added.
- Car Payment Option :
> Leased Company Car or Purchased Company Car needs to selected from the dropdown screen depending how the company acquired the vehicle.
- Car Make :
> The brand of the vehicle e.g. Ford, Audi
- Body Type :
> One of three selections needs to be selected based on the shape and size of vehicle from the drop down screen that best suits the vehicle.
- CC Rate :
> The CC rate is the Cubic Capacity of the vehicle, so for example, if the vehicle has a 2Lt engine it will be a 2000 cc.
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