YOU, single, Filipino citizen, and a resident of N. Reyes St., Sampaloc, Manila, borrowed money from Vic Canilao Gudani. BIR RDO No. 032 - Manila assigned YOU Taxpayer Identification No. 123-456-789-0000 while Vic, a CPA by profession was assigned TIN 987-654-321-0000. Terms of the loan agreement are hereunder given: Total amount loaned - Php 100,000.00 Payable in five years Loan agreement notarized on October 1, 2020

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.