Educational Material – Application of IAS 12 – Income Taxes – Substantively Enacted Tax Rates (Also applicable to IFRS for SMEs)

This educational material highlights that a significant degree of uncertainty exists about whether the announcement of the proposed change in the corporate tax rate from 28% to 27%, announced in the 2021 budget speech delivered by the Minister of Finance on 24 February 2021, is substantively enacted at the date of the budget speech.