|OUTCOMES OF TOPIC
After studying this topic on the introduction to provisional tax, you should be able to:
✓ Understand what is meant by the term “provisional tax”;
✓ Understand that provisional tax is not a separate tax;
✓ Understand the purpose of provisional tax;
✓ Identify in which Schedule of the Income Tax Act the provisions relating to provisional tax can be found;
✓ Understand where provisional tax payments are reflected in the financial statements;
✓ Understand which entries are processed through the tax liability/asset account in the financial statements.