| 29.1 | [Deleted] [AMD 512] |
| 29.2 | This section applies to: |
| (a) | income tax comprising: |
| (i) | current tax; and |
| (ii) | deferred tax including deferred tax in respect of assets (other than goodwill) and liabilities recognised as a result of a business combination; and |
| (b) | value added tax (VAT) and other similar sales taxes, which are not income taxes [AMD 513] |
| 29.2A | [Moved to paragraph 29.2(b)] [AMD 514] |
| AMD 512 Amendment Paragraph 29.1 deleted by Amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland – Triennial review 2017 – Incremental improvements and clarifications (issued December 2017) Effective date 01/01/2019 Previous text 29.1 For the purpose of this FRS, income tax includes all domestic and foreign taxes that are based on taxable profit. Income tax also includes taxes, such as withholding taxes, that are payable by a subsidiary, associate or joint venture on distributions to the reporting entity. |
| AMD 513 Amendment Paragraph 29.2 amended by Amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland – Triennial review 2017 – Incremental improvements and clarifications (issued December 2017) Effective date 01/01/2019 Previous text 29.2 This section covers accounting for income tax. It requires an entity to recognise the current and future tax consequences of transactions and other events that have been recognised in the financial statements. These recognised tax amounts comprise current tax and deferred tax. Current tax is tax payable (refundable) in respect of the taxable profit (tax loss) for the current period or past reporting periods. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of the current and previous periods. This section also requires that deferred tax is recognised in respect of assets (other than goodwill) and liabilities recognised as a result of a business combination. |
| AMD 514 Amendment Paragraph 29.2A amended by Amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland – Triennial review 2017 – Incremental improvements and clarifications (issued December 2017) Effective date 01/01/2019 Previous text 29.2A This section also covers accounting for value added tax (VAT) and other similar sales taxes, which are not income taxes. |
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