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- Current tax for the current and prior periods is recognised as a liability to the extent that it remains outstanding, or an asset, to the extent that amounts paid are in excess of that due. It should be recognised using the tax rates that have been enacted or substantively enacted by the reporting date.
- Deferred tax liabilities are recognised for taxable temporary differences.
- Deferred tax assets are recognised for deductible temporary differences and unused tax losses and credits to the extent that a taxable profit will be available against which they can be utilised.
- Deferred tax assets and liabilities should be measured at the tax rates expected to apply to the date when the liability is settled or asset realised.
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