Tax Technician (SA) Practice Questions - SAIT EISA Tax Technician Board Examination Exam

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Under South African Income Tax Act Seventh Schedule Paragraph 7, how is the taxable fringe benefit calculated for a company car provided to an employee?

3.5% per month (or 3.25% if subject to a maintenance plan) of the determined value of the motor vehicle, less employee contributions 100% of the vehicle purchase price R500 fixed flat monthly fee 0% fringe benefit

Correct Answer:

3.5% per month (or 3.25% if subject to a maintenance plan) of the determined value of the motor vehicle, less employee contributions

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