The value of a minor gift that qualifies for tax exemption, such as a Christmas present, cannot exceed €100.
Even the smallest gift voucher, which can be used to buy anything, is wages on which you have to pay tax. A gift voucher is only tax-free if it is specifically identified for the purchase of a particular item or service.
A typical tax-free Christmas gift is an item or similar item costing up to €100, such as a hamper, a bottle of cognac, or a ticket to a concert or theatre show chosen by your employer.
The employee can also choose a gift from a number of gift options of equal value provided by the employer. The tax exemption is conditional on all employees receiving the same or similar Christmas gifts.
If employees have received a tax-free gift of €25 in the summer, this previously given gift will reduce the maximum value of the tax-free Christmas gift.
The taxman treats a Christmas gift or bonus just like a salary. You have to pay tax on them in the same way as on a salary.
Article by Lawyer Tuula Rainto, Amos Law Firm. You can always call him free of charge on 010 299 5090. You can consult our price list Here
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