10_Assessment & Notices - s

10_Assessment & Notices - s - Units 10 Assessment...

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1 Units 10 Assessment & Notices
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2 LEARNING OBJECTIVES After this lecture, you should be able to: understand three different types of assessments explain the powers of the assessor to raise assessment explain how notices of the IRD are served
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3 Assessment ( ) When to make assessments? (s.59) - Assessor (including Senior Assessor, Chief Assessor and Assistant Commissioner) may raise an assessment on a person whom he considers to be chargeable to tax: n Any time after the time limit for submission of returns n Any time if it is expedient to do so, or n Upon receipt of returns filed by taxpayer: s.59(1)
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4 Forms of assessment Assessed per return: s.59(2)(b) Estimated assessment.
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5 Estimated ( ) assessment Assessor may raise estimated assessment n - When the return filed is unacceptable: s.59(2)(b) n - In the absence of return: s.59(3), or n - When books are not kept in satisfactory form – based on the usual rate (as prescribed by BIR) of net profit on the turnover of such trade or business: s.59(4)
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6 Additional ( ) Assessment (s.60) Raised when the assessor considers that: n -Taxpayer is non-assessed or under -assessed for a Y/A : s.60(1); or n -Tax is repaid by mistake , not by determination of objection or appeal: s.60(2) – however, n -- No additional assessment if repayment was made in accordance with the then prevailing practice.
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7 Raised within
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10_Assessment & Notices - s - Units 10 Assessment...

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