Tax Account Glossary

General due date
The 12th day of the calendar month. However, if the 12th falls on a Saturday, Sunday or legal holiday, the general due date will be the following banking day.

Value date
The settlement date on which payments and refunds are credited to Tax Account.

Period in question
The current taxable period, for which taxpayer is expected to declare and pay off tax obligations in Periodic Tax Returns on a self-initiated, un-prompted basis. 

Periodic tax return
The declaration of taxes applicable to the period in question.

Credit transaction
Either an incoming payment or a refund or similar award recorded in taxpayer’s favour in the Tax Account..

(Tax) Obligation
Tax payable or other amount that the tax office will debit from Tax Account.

Transaction
An entry in the Tax Account.  Transactions are either credit or debit transactions.

Reconciliation
Control operation of Tax Account current balance, performed by the tax administration after the general due date, resulting in the printout of the Statement of account.

(Current) Balance
Difference between credit and debit sums on a certain day.

Reminder
Reminder is shown on the Tax Account statement  if there is deficit on the Tax Account.