Business, News
on November 22, 2010
Tax on travel, entertainment
Tax free allowances for travelling and entertainment granted to employees will soon be no more.
That’s because Minister of Finance Chris Sinckler has announced in the Budget today that starting from the current income year, these tax free allowances will be eliminated.
This measure, he said, will result in revenue savings of $25 million.
“This allowance was discriminatory to the self employed and corporations as such persons had to prove that the travelling was in fact expended and in the case of entertainment that the funds were expended for the purpose of earning revenue”.
He noted that the employees given these allowances were not required to do so.