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.
What is the Federal Acquisition Regulation? â¢ The Federal Acquisition Regulation is the primary set of rules in the Federal Acquisition Regulation framework. This system, known as the Federal Acquisition Regulation System, consists of multiple sets of regulations issued by various agencies of the United States Federal Government. These regulations are charged with governing what is known as the âacquisition processââthe process through which a government body purchases or acquires goods and services.