Thousands of people with company cars and vans in Ireland are set to be hit with a steep increase in benefit-in-kind tax in the new year.
The changes, coming in January 2023, are largely driven by the government’s Climate Action Plan 2021 to lower emissions by 2030. It means that benefit-in-kind tax is set to rise going to soar by 40%, for those who are given a vehicle by their employer, and according to industry experts there are around 15,000 company cars on Irish roads, on top of soaring diesel and petrol prices.
One sales rep said told Dublin Live: "Benefit-in-kind rates are going to see a big increase in January 2023, on top of the soaring petrol and diesel prices as well as the cost of living crisis, this will be a concern for many people throughout the country, even if they have an electric car it's still going to cost a couple of hundred euros extra per month." We look at what benefit-in-kind is and how you could be affected if you have a company car or van here.
