1. What are differences that have future tax consequences are: • A. Temporary differences • B. Taxable temporary differences • C. Permanent differences • D. deductible temporary differences 2. At paid to suppliers for the purchase of inventory is known as: • A. Output tax • B. Income tax • C. Dividend tax D. Input tax 3. The estimated taxable income for the year ended 31 December 2021 is R 8 425 000. What is the 1st provisional payment amount? • A. R 1263 750.00 • B. R 1 179 500 • C. R 2 359 000 • D. R 4 212 500

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.