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What is the difference between Taxation mention in P&L and Taxation mentioned in Current liabilitees
No!
At the end of last year, when you were calculating how much tax you were going to have to pay on last year’s profits, that estimated tax liability would be shown in last year’s financial statements as an expense and as a liability
Then, when you pay this year for taxes on last year’s profits, that will be shown as an outflow of cash settling a brought forward liability
OK?
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