Farley And Partners

Are the Payments Made a Final Tax?

  • The quarter/instalments payment made are not final tax but credited to the final tax liability for the tax year.
  • Any shortfall should be settled within 3 months after the end of the tax year.
  • Any excess is applied to other tax obligations and the balance, if any, refunded if claimed.
  • In the allocation of tax credit, foreign tax credits are utilized first, followed by instalments paid during the tax year and then taxes withheld which are not final taxes
  • Credit not utilized or refunded can be carried forward for a maximum of 3 years and used on a first-in-first-out basis.
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