The Tax Procedures Code Act, 2014 gives authority to the commissioner to make an additional assessment. The additional assessment may increase the tax payable by the taxpayer or decrease the tax loss claimed by the taxpayer. An additional assessment is issued by the commissioner where there is fraud or gross or willful neglect is committed by the taxpayer. A tax payer is given 45 days within which to object to a tax assessment where the taxpayer has reasonable grounds that the assessment has been issued as a misinterpretation of facts or of the law relating to the assessment.
The taxpayer will undergo the process of objecting to the assessment and upon conclusion of the process will receive an objection decision either disallowing the objection hence confirming that the tax assessed is payable or allowing the objection in which case the assessment will be reversed.
Incase of further inquiries and assistance with objecting to assessments, please contact the tax guru on; [email protected]