The 2024 budget brings news such as benefits provided to workers and bonuses given by the company for certain purposes. Employers have new tools at their disposal that can increase employee wages without having to pay taxes. We start with some certainties: Threshold amounts have been revised; a maximum of 2 thousand euros for those with financially dependent children, and 1,000 euros for others. In addition, the number of goods and services that can be included in the scope of aid will also be increased. There may be other news: The bill could also include expenses for the rent or mortgage of a first home as part of fringe benefits. Let’s see how it can work.
How will benefits change in 2024?
Fringe benefits are provided in the 6th article of the budget, which specifies those that are not included in the scope of the employee’s annual income and are therefore excluded from the tax calculation:
- Payment to home users of integrated water service;
- Electrical energy;
- Natural gas;
- Expenses for renting your first home;
- First home mortgage interest;
Thus, the bonus given by the employer will be able to cover these expense items. In the case of rent, the amounts paid may cover the entire amount, whereas in the case of a mortgage, they may only cover part of the interest. The choice is made by the company and all employees have this right. The basic threshold for these tax-free bonuses is usually set at 258.23 euros, but in 2024, for those with taxable children and income up to 2,840.51 euros, it increases to 2 thousand euros for those under 24 years of age and 4 thousand euros for those aged 24 and over. For others, the threshold is 1,000 euros.
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Source: Today IT
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.