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With reference to IAS 12 what is the difference between the following two terminologies:
“enacted tax rates”
“substantially enacted tax rates”
Thanks
Enacted tax rates are those that have been put into statute by the appropriate government – that is, there are within and Act of Parliament
A substantially enacted tax rate is one which is in the final stages of approval by the appropriate government and which is likely to be enacted (written into a proposed Act of Parliament) in the near future
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