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28/10/2015
New Measures Allow Tax-Free Bonuses
Employers will be able to give bonus vouchers of up to €500 to employees, tax free, under new measures to be fast-tracked by Minister for Finance Michael Noonan.
Welcoming the news, Fine Gael TD for Dún Laoghaire Mary Mitchell O'Connor, said: "The fast tracking of this measure, to increase the value of non-cash bonuses or benefits which staff can receive from their employers without paying tax, will ensure that the change takes effect before Christmas. Employees can now benefit from this in their Christmas bonus this year.
"Currently, an employer can provide an employee with a once-off, annual non-cash benefit to the value of €250 that is not liable for tax. The new provisions, contained in the Finance Bill, mean the maximum value of such a benefit will be increased to €500. Anything above that is still subject to PAYE and PRSI.
"This is a great incentive for employers to reward staff with a larger bonus for Christmas and it will provide a significant boost to the local economy, where people will spend the vouchers."
(MH/LM)
Welcoming the news, Fine Gael TD for Dún Laoghaire Mary Mitchell O'Connor, said: "The fast tracking of this measure, to increase the value of non-cash bonuses or benefits which staff can receive from their employers without paying tax, will ensure that the change takes effect before Christmas. Employees can now benefit from this in their Christmas bonus this year.
"Currently, an employer can provide an employee with a once-off, annual non-cash benefit to the value of €250 that is not liable for tax. The new provisions, contained in the Finance Bill, mean the maximum value of such a benefit will be increased to €500. Anything above that is still subject to PAYE and PRSI.
"This is a great incentive for employers to reward staff with a larger bonus for Christmas and it will provide a significant boost to the local economy, where people will spend the vouchers."
(MH/LM)
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Ireland WeatherToday:Gale, coastal severe gale, northwest winds ease from late afternoon. Scattered showers will fall as snow over the hills at first, becoming isolated from mid-afternoon. Maximum temperature 7 °C.Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Cloud will spread east towards morning. Minimum temperature 2 °C.
