Tax credits against deficiency tax assessment
Ours is a self-assessment system of paying taxes, where taxpayers determine their respective tax liabilities and pay them to the tax authorities. Revenue officers, however, through proper authorization, may conduct examinations after tax returns have been filed or should have been filed. The ultimate objective of the examination is to determine whether correct information and taxes had been reported and paid. If not, the tax authorities shall make a recomputation of the correct amount of taxes and require the payment of deficiency taxes.