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Describe the effect of permanent differences to tax charge

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Reference no: EM132765561

Problem 1: The differences between accounting income and taxable income can be divided into temporary differences and permanent differences. MFRS 112 Income Taxes requires an entity to recognise a deferred tax liability or asset for all temporary differences, with certain exceptions. Explain why accounting for the tax effect only consider temporary differences and ignore permanent differences.

Problem 2: Describe the effect of permanent differences to the tax charge in current period. Give an example.

Reference no: EM132765561

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