The following tax expenses related to business were paid by Palmyra Trading in 2022: Business taxes, other than VAT, P20,000 Documentary stamp taxes, P1,000 Automobile registration fees, P3,000 Import duty taxes, P50,000 Postage stamp taxes, P500 Stock transaction tax, P2,500 Income tax, P600,000 Value-added tax, P240,000 Donor’s tax, P8,000 How much is the amount of taxes deductible from gross income?

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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.