Current tax is recognised based on the taxable profit for the period using tax rates enacted or substantively enacted by the reporting date.
Deferred tax is recognised in respect of timing differences between the accounting and taxable treatment of income and expenditure, using tax rates expected to apply when the timing differences reverse. Deferred tax assets are recognised only where it is probable that sufficient future taxable profits will be available to utilise them.
Current and deferred tax are recognised in profit or loss unless they relate to items recognised in other comprehensive income or directly in equity, in which case the related tax is recognised in the same statement.