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How can you treat the income tax over payments made to Inland Revenue department which we can set off against the next year if we have profits? Can we include in under trade receivables?
in IAS 12 - Income Taxes by

1 Answer

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If tax statutes provides for a set-off against next year profits then you can show it as a current asset. However it is not a trade receivable. It is better to classify under other receivables.
by Level 2 Member (3.2k points)