Self assessment is actually not a tax or a new type of tax to be paid but rather it is the system of tax. This method is designed to basically transfer as much of the steps in filing for the income tax towards the people. People are given the responsibility to file for their own income taxes. It is a new type of system. In the conventional system, tax payers fill the Return Form and submit it to the Inland Revenue Board and then a notice of assessment is sent back to the person filing for the tax that tells the amount of tax to be paid. In this self assessment system, the notice of assessment is not sent Instead taxpayers will have to compute their own tax and make payment of the full amount.
