Deferred Taxation 5th Edition by Tan Liong Tong | 2024*

Deferred Taxation 5th Edition by Tan Liong Tong | 2024* 

Although the basic method for deferred taxation—the temporary difference approach—has stayed consistent over the years, MFRS 112 Income Taxes has undergone numerous updates and changes in its principles. The MPERS Reporting Framework, which private entities use, includes a section on income taxes that is similar to, but not exactly the same as, MFRS 112.

Since September 2020, the Malaysian Accounting Standards Board (MASB) has issued new and revised MFRSs, including important developments like the Pillar Two Tax Reform, which require attention. Additionally, the Malaysian Tax Budget 2024, passed in Parliament in October 2023, introduced a limited capital gains tax on profits from the disposal of unlisted shares.

This 5th edition of the book has been updated to incorporate these amendments and changes. It also discusses the tax treatments outlined in various Public Rulings issued by the Inland Revenue Board.

Key Features of Deferred Taxation 5th Edition by Tan Liong Tong | 2024:

• Comprehensive explanations of the tax treatments and impacts related to revenue transactions following the implementation of MFRS 15: Revenue from Contracts with Customers.

• In-depth coverage of the tax implications and effects of lease agreements in line with MFRS 16: Leases.

• Guidance on applying IC 23: Uncertainty over Income Tax Treatments.

• Clarification on how to recognize deferred taxes arising from single transactions within lease contracts.

• Expanded discussion on the tax consequences of adopting MFRS 9: Financial Instruments, including those relevant to the banking and insurance sectors.

• Insights into the tax effects of assets measured at fair value, such as biological assets and investment properties.

• Detailed guidance on the tax treatment of items recorded outside of profit or loss.

• Updates reflecting tax law changes since 2017, covering areas like carry-forward tax losses, Real Property Gains Tax (RPGT) rates, and income tax rates for small and medium enterprises.

• Explanation of the exceptions for deferred taxation related to the International Pillar Two Tax Reform implementation.

• Discussion of the tax implications surrounding capital gains tax on profits and losses from the disposal of unlisted shares.

Find more books like Deferred Taxation 5th Edition: All Books