“BIR” means the Board of Inland Revenue 77:01

You may want to pay on the 25th March instead of the 31st March. Your gross sales up to the 25th is $100 but you are expecting more sales by the 31st March. You can estimate how much sales you might get. If you believe you will receive a further $20 for the remaining period. Instead of declaring $100, you can declare $120 which includes the $100 of actual sales and the $20 estimated sales.

If you paid early and declared $120 in gross sales for the March 31st period but you realized at the end of the period, sales were actually $130. The tax on the $10 difference must be paid by the end of the second quarter which ends at June 30th.

For example, if you paid early and declared $120 in gross sales for the March 31st period but you realized at the end of the period sales were actually $140. That means you paid tax on only 85.71% for that period which is below the 90% threshold. That means you must pay interest on the tax for the 4.29%, (90%- 85.71%), difference. 90% of actual sales $140 is $126. Therefore, the tax on $6, ($126-$120) will face the 15% penalty.

“company” means any body corporate or unincorporated association, but does not include a partnership. 75.02

“company” means a body corporate or an unincorporated association and includes a partnership 77.01

• salary, wages, overtime, bonus, remuneration, perks • directors’ fees • retiring allowances or pension • does not include any salary or share of profits arising from a trade, business, profession or vocation carried on by any person either by himself or in partnership with any other person. 75.01

You may want to pay on the 25th March instead of the 31st March. Your gross sales up to the 25th is $100 but you are expecting more sales by the 31st March. You can estimate how much sales you might get. If you believe you will receive a further $20 for the remaining period. Instead of declaring $100, you can declare $120 which includes the $100 of actual sales and the $20 estimated sales.

If you paid early and declared $120 in gross sales for the March 31st period but you realized at the end of the period, sales were actually $130. The tax on the $10 difference must be paid by the end of the second quarter which ends at June 30th.

For example, if you paid early and declared $120 in gross sales for the March 31st period but you realized at the end of the period sales were actually $140. That means you paid tax on only 85.71% for that period which is below the 90% threshold. That means you must pay interest on the tax for the 4.29%, (90%- 85.71%), difference. 90% of actual sales $140 is $126. Therefore, the tax on $6, ($126-$120) will face the 15% penalty.

Levy in this context means tax.