3. Penalties and interest
Duration: 0.2 hour
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A taxpayer’s taxable income is assessed after the end of the year of assessment when the taxpayer submits an income tax return. The taxpayer’s income tax liability is calculated from his/her assessed taxable income for the relevant year of assessment. The calculated income tax liability might not be the amount payable by or refundable to the taxpayer. All provisional tax payments and employees’ tax (also referred to as Pay-As-You-Earn (“PAYE”)) payments made during the applicable year of assessment by the taxpayer are deducted from the taxpayer’s calculated income tax liability to determine the amount payable by, or refundable to, the taxpayer.
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After studying this short course, you should be able to: