Advance tax payments

By making accurate advance tax payments, your company or branch has the possibility to avoid a tax surcharge of 6.75% (for financial years ending from 31 December 2009 until 30 December 2010) on your final corporate income tax due . In order to determine the optimal payment schedule and estimate the return of such advance payments in your specific situation, accurate income tax calculations should be made. As corporate tax legislation changes almost every year, sometimes retroactively, it can be very difficult to keep abreast of all the amendments that are made. We can provide you with guidance on the principles in this respect, allowing you to compare the estimated return on these advance payments with your cost of lending/internal rate of return. We can also assist you by reviewing the periodic tax accruals and the advance tax payments calculations on a regular basis.

It is also worthwile to note that, even if last year's assumptions have proven wrong, PwC can still help you in recovering the full or partial excess advance payments made for the prior year in order to optimise your cash-flow, rather than having no return on these funds until after the reimbursement of the excess based upon the assessment notice.

What can PwC offer you?

PricewaterhouseCoopers can help you by providing the following services:

• assistance regarding tax prepayments;
• assistance regarding the recovery of excess advance payments;
• tax provision reviews;
• compliance related advisory services;