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Implementation of the Cabinet of Ministers' decision on representation expenses, housing and food expenses of employees
Implementation of the Cabinet of Ministers' decision on representation expenses, housing and food expenses of employees
As is known, according to the amendments made to the Tax Code from January 1, 2024, it is envisaged that representation expenses incurred by business entities, housing and food expenses related to employees, as well as medical and preventive meals provided to employees working in harmful and difficult working conditions and underground work, and expenses related to milk and other equivalent products and means will be deducted from income in accordance with the norms and procedures determined by the Cabinet of Ministers.
The Cabinet of Ministers’ Resolution No. 492 dated November 22, 2024 approved the “Norms and Procedures for Deduction of Representation Expenses, Housing and Food Expenses of Employees, as well as Medical and Preventive Meals Provided to Employees Working in Harmful and Difficult Working Conditions and Underground Work, Milk and Other Equivalent Products and Means from Income for Taxation Purposes”.
Taking into account that the amendments to the Tax Code entered into force on January 1, 2024, representation expenses incurred by taxpayers from January 1, 2024 in accordance with the procedure established by that Resolution, expenses for housing and meals of employees, as well as expenses related to therapeutic and preventive meals provided to employees working in harmful and difficult working conditions and underground work, milk and other equivalent products and means are included in expenses deducted from income within the established norm.
As is known, according to the amendments made to the Tax Code from January 1, 2024, it is envisaged that representation expenses incurred by business entities, housing and food expenses related to employees, as well as medical and preventive meals provided to employees working in harmful and difficult working conditions and underground work, and expenses related to milk and other equivalent products and means will be deducted from income in accordance with the norms and procedures determined by the Cabinet of Ministers.
The Cabinet of Ministers’ Resolution No. 492 dated November 22, 2024 approved the “Norms and Procedures for Deduction of Representation Expenses, Housing and Food Expenses of Employees, as well as Medical and Preventive Meals Provided to Employees Working in Harmful and Difficult Working Conditions and Underground Work, Milk and Other Equivalent Products and Means from Income for Taxation Purposes”.
Taking into account that the amendments to the Tax Code entered into force on January 1, 2024, representation expenses incurred by taxpayers from January 1, 2024 in accordance with the procedure established by that Resolution, expenses for housing and meals of employees, as well as expenses related to therapeutic and preventive meals provided to employees working in harmful and difficult working conditions and underground work, milk and other equivalent products and means are included in expenses deducted from income within the established norm.