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Journal entryAdvancedVariant — group VG.IAS12.000060Published

Question · Pillar Two: exception and disclosures

The Norvaline group's subsidiary Mercadine is taxed in a country that has introduced a qualified domestic minimum top-up tax, in effect in 20X5; the amount payable by the subsidiary for 20X5, computed under that legislation (case data), is 125,000. Record the entry in the subsidiary's financial statements.

Domestic minimum top-up tax payable
125,000
Your answer
  1. Line 1

    Account Current tax expense

  2. Line 2

    Account Current tax liability

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