Tax expense is the amount an entity remits to the tax department, and is determined by adjusting the tax-payable figure for increases/decreases in deferred tax payable.

Question

Quizplus · Accepted Answer

Tax expense is the total amount of tax owed to the tax authorities, calculated by applying the appropriate tax rates to taxable income, and includes both current tax expense and deferred tax expense, not just the amount remitted to the tax department.

Tax Expense Is the Amount an Entity Remits to the Tax