The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.
Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or
credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to
and is also charged or credited to other comprehensive income, or equity.
Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if
and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on
the net basis or to realise the asset and settle the liability simultaneously.
Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax
rates that have been enacted or substantively enacted by the reporting date.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised
or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting
date.
Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the
financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be
recovered by the reversal of deferred tax liabilities or other future taxable profits.
For non-depreciable assets measured using the revaluation model and investment properties measured at
fair value (except investment property with a limited useful life held by the company to consume substantially
all of its economic benefit), deferred tax is measured using the tax rates and allowances that apply to the sale
of the asset or property.