Ali is a SSS Member. He is 58 years old. Last September 16, 2021, he was separated from his work because of the economic downturn that compelled his employer to downsize its operations. From his SSS records, it can be seen that his employer has religiously remitted the SSS contributions from January 2017

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A:

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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.