It is said that tax is one of the few certainties in life. As such, it may be wise to strive to settle as much of your tax liability as possible before the taxman comes asking for it. Paying provisional taxes is a process that most taxpayers are comfortable with, and it is crucial to ensure that we understand what is required in this process and how to navigate it.
For this reason, ProBeta offers a session that looks at provisional taxes, the process and administration thereof.
This session will address matters including, but not limited to, the following:
• The provisions resulting in a taxpayer becoming a provisional taxpayer, as well as the exclusions from such definition
• The process of first, second and third payments:
o The basic rules governing the determination and payment of provisional taxes
o Clarifying the concept of the “basic” amount
o Interest and penalties for late and under payments
o Administrative process of submission and payment
• Brief overview of the view on provisional taxes from an auditing perspective, as well as other matters of relevance
