This is the second in a three-part question-and-answer series provided by PricewaterhouseCoopers for The Star readers on various aspects of Budget 2005. The final part will appear in StarBiz tomorrow.
Q: The Finance Minister in presenting his 2005 Budget speech spoke on establishing a fund for tax refund. Can you explain what is the effect?
A: When the Government introduced assessment on the current-year basis as well as the self assessment system (SAS), there are companies which have made excess payments on their tax. These companies are entitled to claim refund from the Government.
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