A new law enacted on March 29, 2024, harmonizes the regulations for sports and culture vouchers with those for meal vouchers and eco-vouchers, effective from July 1, 2024. It also extends the tax exemption for the purchasing power premium until March 31, 2024.
Sports and Culture Vouchers
Employers can grant sports and culture vouchers to their employees, which can be used for various activities such as gym memberships, concerts, exhibitions, and more. These vouchers are a tax and socially advantageous form of alternative remuneration, similar to meal vouchers and eco-vouchers.
From July 1, 2024, electronic sports and culture vouchers will be issued under the same conditions and procedures as electronic meal and eco-vouchers. Currently, these vouchers are valid for 15 months, but starting from July 1, 2024, they will be usable immediately upon receipt. Additionally, employees can request the reactivation of a voucher within three months of its expiration date, extending its validity by an additional three months.
Purchasing Power Bonuses
Since June 2023, employers who have performed well during the crisis can grant a purchasing power premium to their employees in the form of consumption vouchers, which benefit from favorable tax and social regimes. Due to the implementation challenges faced by many employers, the deadline to grant this premium has been extended to March 31, 2024.
The March 29, 2024 law maintains a favorable tax regime for granting this premium. The income tax exemption is retained if the decision to grant the premium is made, and the right to the premium is established based on a collective or individual agreement concluded no later than December 31, 2023, with the premium being made available to the employee in January, February, or March 2024.
Effective Dates
The measures related to sports and culture vouchers take effect on July 1, 2024.
The tax exemption maintenance applies to purchasing power premiums issued from January 1, 2024.
Source: Law modifying various provisions relating to sports/culture vouchers and purchasing power premiums, March 23, 2024, M.B., April 19, 2024, p. 44384.
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