Page 51 - 5.1 (b) i. Finac1 ITC Summarised Notes
P. 51
ITC EXAM PREP
Tax Rate Change
Current tax is at current tax rates
Deferred tax is at the rate that will apply when
the asset is realised or liability is settled in the
future
Announcement of new tax rate before end of
Remember the
reporting date: Apply to current reporting
measurement rules:
period!
Same info as in the previous example BUT New tax
rate is announced at the end of the current reporting
period, applicable for the next tax year.
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