FRS 16 Current Tax
Issued December 1999. Effective for accounting periods ending on or after 23 March 2000.
FRS 16 has been superseded by FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland for accounting periods beginning on or after 1 January 2015. For more information visit:
Synopsis
FRS 16 specifies how current tax, in particular withholding tax and tax credits, should be reflected in the financial statements.
- Current tax should be recognised in the profit and loss account except where it is attributable to a gain or loss which has been recognised in the statements of total recognised gains and losses – in this case the tax should be recognised here as well.
- Dividends etc should include withholding taxes but exclude any other taxes.
Last updated 21 June 2015