Benefit In Kind Tax calculations based on paying top tax rates for tax year 2024.

Current car first provided in tax year

Original market value (OMV) of the vehicle

Annual Business Kilometres:

No. of weeks the car was available to you or your family:

Taxable value of the Benefit In Kind:
(You have to pay Tax and PRSI on this amount)

Annual BIK Tax DUE ( 52% of the BIK amount):

Monthly BIK Tax DUE ( 1/12th of the tax due above):

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    Please Note

    *Electric cars and vans are exempt from BIK tax up to 31st December 2024

    For the years 2023 – 2025
    The BIK on electric vehicles will be calculated based on the actual open market value of the vehicle reduced by:

    • €35,000 for vehicles made available in the 2023 tax year
    • €20,000 for vehicles made available in the 2024 tax year
    • €10,000 for vehicles made available in the 2025 tax year

    This reduction applies irrespective of the actual OMV of the vehicle or when the vehicle was first provided to the employee.
    If the reduction reduces the OMV to nil, a BIK charge will not arise. Any portion of OMV remaining, after the reduction is applied, is chargeable to benefit-in-kind at the prescribed rates.