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of <h1>Fringe Benefit Tax Introduced in Finance Act 2005: Tax on Employer-Provided Benefits, Payable at 30%, with Specific Exemptions.</h1> The Finance Act, 2005 introduced the Fringe Benefit Tax (FBT) to address equity and economic efficiency in taxation by taxing fringe benefits provided by employers to employees. FBT applies to companies, firms, associations, local authorities, and artificial juridical persons. The tax base includes expenses on entertainment, hospitality, employee welfare, and more, with specific percentages applied to different expense categories. FBT is payable at 30% of the value of fringe benefits and must be paid in advance. Exemptions apply to entities with no employees or those registered under certain sections. The document also clarifies various scenarios and frequently asked questions regarding FBT applicability.
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