CERTYNEX IFRS ACADEMY

For the year, Belvize recognises current tax of 300,000, deferred tax expense of 40,000 arising from items in profit or loss and a deferred tax liability of 25,000 on a revaluation recognised in other comprehensive income. What tax expense does it present in profit or loss?

365,000, all components combined.

300,000, as deferred tax is not an expense.

325,000, current tax and the tax on the revaluation.

340,000, current tax and deferred tax arising in profit or loss.