It is also possible to request the TPPs to be used to settle other tax and non-tax liabilities, or the excess amounts prepaid to be carried forward to the next taxable period, in the event that it appears that an excess amount has been prepaid. The latter would be useful if it appears that an effective refund will not be transferred in time to a bank account in order to make a prepayment in timely manner for the subsequent taxable period. Consider the example where the financial year is closed on March 31, 2020, during which an excess amount has been prepaid, and the request for a refund would only be submitted mid-June 2020. Taking the refund period of two months into account, one would risk missing the first TPP due date (i.e. July, 10 in the present case) due to liquidity shortfalls. A request to transfer the excess amounts prepaid to the next taxable period, i.e. taxable year starting as from April 1, 2020, will remedy this timing issue.
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