Self-Assesment
Self-Assessment Regime was introduced to encourages taxpayers to assess themselves and pay their tax liabilies voluntarily. The regime is based on the fact that taxpayers have the best information about their own activities and hence are in the best position to assess their own tax liabilies.
Objecves of the Self-Assessment Regime
The main objecves of the Self-Assessment Regime are:
1. To make payment of tax easy by enabling taxpayers to assess themselves and pay a fair tax according to their business acvies.2. To test the honesty and integrity of the taxpayer
3. To build trust in the taxpayer
4. To make the Tax Administraon System friendly and more efficient through: easing the process of paying tax;
5. Reducing the pressure on taxpayers by Tax Authories;
6. Minimising tax disputes between taxpayers and Tax Authories;
7. Focusing more on supporng taxpayers to comply voluntarily.
8. Ensuring steady inflow of revenue to the government without waiting till when revenue authories reach every taxpayer.