Minister McGrath announces temporary change to Benefit-in-Kind regime for vehicles in Finance Bill 2023 (Cost of Living Measures)
There were significant changes made in 2023 to calculation of BIK for company vehicles with the introduction of a new CO2 based calculation for petrol and diesel cars resulting in a significant hike in BIK for many drivers since January. Earlier this month however, the Minister for Finance announced that temporary measures are being made for 2023 that will help reduce the tax liabilities for drivers of company vehicles in the current climate of high inflation.
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