Payment of Bonus and Directors' Fees from 2009

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24 January 2009

Previously, all payment of bonuses and directors' fee is assessed on receivable basis. For example, if an employee bonus for the year 2007 is received after 31 December 2007, his bonus is assessable in the year of assessment 2007.

From year of assessment 2009, directors' fee and bonus shall be assessed when received in the relevant period. Bonus received in 2009 will be taxed in 2009 even though the bonus is in respect of financial year 2008.

Employers are advised to use the new 2009 PCB deduction table for all bonues or director fees paid after 31 December 2008.

 

 

 

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