Fringe Benefit Tax

Aren Payroll automatically calculates the Fringe Benefit Tax in cases of loans given to employees which are below the market interest rate. The user is required to post the market interest rate, which is published in the press every quarter by the Kenya Revenue Authority, and the software uses this rate to calculate the amount of tax owed. The user is thus presented with a report showing the opening balance of the loan, the fringe benefit value and the eventual tax.