2024 Mileage Reimbursement Rate 2024. The general prescribed rate used to determine the taxable benefit of employees relating to the personal portion of automobile expenses paid by their employers will remain at 33 cents per kilometre for 2024. This document includes the optional 2024 standard mileage rates and details the maximum automobile cost for calculating the allowance under a fixed and variable rate (favr) plan.
The 2024 business mileage rate has increased to 65.5 cents per mile, a rise of 1.5 cents from the previous year. The rate at which employees are reimbursed is set by an official body, such as the irs in the usa or hmrc in the uk, and varies by country.