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The tax-effect accounting desire to identify net tax-effect of all perodic transactions recognised.
Because tax purpose is different from accounting purpose, as there are several accounts not possible posted to Tax department, e.g.
There 2 methods: Current Tax
Determines current tax liability Analyses differences between accounting and taxable profit
Deferred Tax Determines net effect of deferred taxes and deductions arising from current period transactions Analyses differences between accounting and tax balance sheets
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