MEANING OF DEFERRED TAX ASSETS AND LIABILITIES

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Deferred tax assets are the amounts of income taxes recoverable in future periods in respect of:

(a) deductible temporary differences;
(b) the carry forward of unused tax losses; and
(c) the carry forward of unused tax credits.

Deferred tax liabilities are the amounts of income taxes payable in future periods in respect of taxable temporary differences.

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