Every taxpayer who pays profits tax for a certain year of assessment is obliged to pay provisional profits tax. The provisional profits tax is levied with reference to the assessable profits of the previous year of assessment, and the assessable profits must first be set off against the amount of losses available for offset in the year of assessment. The notice of payment of provisional profits tax will be issued to or included in the notice of profits tax assessment to persons who are legally liable for payment of provisional profits tax.

The provisional tax paid will be used to offset the profits tax payable when the assessable profits are officially assessed in the provisional tax year. If there is any excess provisional tax, it will be used to offset the tax The provisional profits tax that must be paid in a tax year will be refunded to the taxpayer who has paid the provisional tax.

The above information is for reference only. If in doubt, we welcome your tax inquiries

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