Questions & Answers
Deferred tax asset on tax losses carried forward
Question In some countries, tax legislation permits offsetting the tax losses of the company against the future tax profits. For example, the tax loss not fully deducted in the year 1 can be carried forward and set off against the profits in the next three…
Are income tax advances financial instruments?
Question We paid significant amount of cash as advances for income tax liabilities in accordance with our tax legislation. Are these prepayments for tax financial assets? Should we include them in expected credit loss calculation? If not, what standard shall we apply? Answer No,…