Where the employee receiving such benefits is a director of the company concerned, the benefits are taxable regardless of the level of remuneration. The liability to tax also applies in respect of benefits provided by an employer for a member or members of an employee's family or household.
Federal Acquisition Regulation (FAR) Federal Acquisition Regulation (FAR) is the body of laws that govern the U.S. Federal Government's procurement process.
Government contracts are subject to a multitude of regulations which govern acquisitions by executive branch agencies. Foremost among these is the Federal Acquisition Regulation (FAR), which is codified in Parts 1 through 53 of Title 48, Chapter 1 of the Code of Federal Regulations.