1. How is the advance ruling procedure different from an objection against a tax assessment?

1. How is the advance ruling procedure different from an objection against a tax assessment?

An objection can only be lodged after a taxpayer has submitted the tax return AND received the relevant tax assessment from the Inland Revenue Department.

An application to the Inland Revenue Department for advance ruling (Form IR1297) for a relevant year of assessment must be made before the submission deadline of the relevant tax return for that year of assessment.