Revenue Bik Electric Cars. The government announced (7 march 2023) temporary changes to the benefit in kind (bik) calculations for company vehicles. Evs are more than 70% cheaper to run than diesel or petrol cars.
Currently bik on fully electric. An employee is provided with an electric vehicle in 2024 with an omv of €50,000, the cash equivalent of the vehicle will be €5,000 (i.e.
Electric Cars For 2022, There Is No Bik On Fully Electric Cars With An Omv Of €50,000 Or Less.
However, the finance act 2021 has introduced a tapered reduction in this bik.
To Address The Issue, The Minister For Finance Has Received Agreement From His Government Colleagues To Introduce A Relief Of €10,000 To Be Applied To The Original.
The rate for the 2021/2022 tax year is just 1% for electric cars, and it is.
The Table Represents Electric, Petrol And Diesel Related Bik Rates.
Images References :
Electric Cars For 2022, There Is No Bik On Fully Electric Cars With An Omv Of €50,000 Or Less.
So for the tax year of 2020/2021 there was a 0% benefit in kind rate for all electric vehicles.
This Second Round Of Changes.
Partial relief will apply in respect of electric cars made available between 1 january 2023 and 31 december 2027.
The 2% Bik Rate Is Set To Remain At 2% For The 2024/25 Tax Year, After Which It Will.