Provisional tax penalties and interest
| 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. |