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Modern accounting standards typically require that a company provides for deferred tax in accordance with either the temporary difference or timing difference approach. Where a deferred tax liability or asset is recognised, the liability or asset should reduce over time (subject to new differences arising) as the temporary or timing difference reverses.
Deferred taxation is the tax effect on the difference between the value per the accounting standards, and the tax authorities tax base according to the Income Tax Act. This is due to timing differences or temporary difference between the two disciplines, tax and accounting. The differences unwind over time to zero.
Deferred tax line item is reflected in the Statement of Financial Position under non-current-assets or non-current-liabilities.
By way of example, there may be a deferred tax asset recognised on assessed tax losses, only if management have assessed and evaluated that there will future taxable profits which assessed tax losses may be utilised against.
هل تحتاج لمساعدة في كتابة سيرة ذاتية تحتوي على الكلمات الدلالية التي يبحث عنها أصحاب العمل؟