Assessable Income – All amounts subject to tax by virtue of the Income Tax Act, Value Added Tax Act and Tax Administration Act

Chargeable Income – For Companies assessable income less any assessed loss relief

In the case of an individual assessable income less standard deduction or itemized deductions.

Exempt Income – Income treated as non- taxable

Employment Income – All amounts accruing to an employee in respect of his/her employment.  Examples salaries/wages, vacation leave, sick leave, maternity leave, bonuses, director  fees, commission, gratuity, allowances and the value of any benefit received or enjoyed

Tax Refund – Excess tax paid by employees to whom he/she is entitled

Tax Period / Basis Period – Base period for determining assessable income for any person.

Individuals & Self Employed – a calendar year

Companies – any 12 month period.

Estimated Tax

• Tax payable quarterly based on amount paid / payable for last tax period.

Best of Judgement (BOJ) Assessment

• An estimated assessment raised using best judgement where no returns are furnished or where the Comptroller is not satisfied that returns furnished are true and correct.

Objection

• A notice in writing to Comptroller expressing grievance with an assessment raised.

Appeal

• A notice lodged by taxpayer/ taxpayer representative where taxpayer is dissatisfied with an objection ruling.