Deferment of tax

Tax Glossary Definition

Deferment of tax

Deferment of tax is a provision that allows taxpayers to postpone the payment of certain tax liabilities to a later date as permitted by tax regulations. This mechanism provides temporary relief from immediate tax payments, helping businesses or individuals manage cash flow requirements and, in some cases, promoting reinvestment and economic development.

Example: A taxpayer may qualify for tax deferment when capital gains are reinvested in eligible assets or during periods of financial strain, allowing the due tax to be settled in a subsequent assessment year.

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