International Financial Reporting Standards
Ernst and Young’s tables of substantively enacted corporate income tax rates have been updated to December 31, 2016. The tables are prepared on a monthly basis and you can subscribe to them on Knotia.ca.
The determination of the substantively enacted date of a corporate income tax rate change follows the guideline provided in EIC-111 (generally first reading in the House of Commons for majority governments and third reading in the House of Commons for minority governments).
When tax rate changes are considered enacted or ”substantively enacted”, the effect of the change in corporate income tax rate is reflected in the period in which the changes are enacted or “substantively enacted”. The effect of the change is recorded in income as a component of deferred tax expense in the period that includes the date of enactment or substantive enactment. For example, if a Bill becomes “substantively enacted” on December 31, … Continue reading “Substantively enacted corporate income tax rates”