What is wage code 480 Acquisition costs / Deductible costs exactly?

  • Modified on: Sat, 7 Apr, 2018 at 6:09 AM

This wage code 480 is a taxable discount that each employee receives for the fact that he/she has to pay certain costs because he/she is working on a job. What is meant are costs that you do not have if you are not working, such as:
- Electricity in the morning and evening;
- Travel expenses to and from work (commuting);
- Use of private clothes, shoes and cars;
- Etc.

On Curacao and St. Maarten the maximum amount is ANG 500 per year. On Aruba and Suriname 3% with a maximum of AWG 1.500 resp. SRD 1.200 and on the BES island a maximum of USD 280 per year. 

In Aruba and Suriname payrolls it is possible that in Additional runs code 480 is not applied while it should. We set this up in Celery because the maximum periodic amount might already have been applied in the Regular run. However, in December or upon termination of employment code 480 is recalculated and settled on an annual basis.

Acquisition costs are not applied in case of employee categories 'Pensioner' and 'Expats', with one exception that expats on BES are entitled to the deduction of acquisition costs.

Did you find it helpful? Yes No

Send feedback
Sorry we couldn't be helpful. Help us improve this article with your feedback.

Contact Us

If you have question which are beyond this knowledgebase kindly contact us