IAS 12 Income Taxes states that deferred tax assets for deductible temporary differences arising from investments in subsidiaries, branches and associates, and interests in joint arrangements, are only recognised to the extent that it is probable that the temporary difference will reverse against available profits.
The estimate of probable future taxable profit may include the sale of some of an entity’s assets for more than their carrying amount, if there is sufficient evidence that it is probable that this will be achieved. In the case of Rooble, there is a possibility that the commercial centre may be sold for more than its carrying amount and thus can be included in the calculation of future taxable profit. However, when assessing the availability of taxable profits against which a deductible temporary difference can be utilised, Spamgate should consider whether tax law restricts the usage of those tax losses. If tax law restricts the utilisation of losses to deduction against income of a specific type, a deductible temporary difference is assessed in combination only with other deductible temporary differences of the appropriate type. Thus in this case, the tax losses can only be utilised against trading profits and not against the potential gain on the sale of the commercial centre.
In evaluating whether it will have sufficient taxable profit in future periods, Spamgate should compare the deductible temporary differences with future taxable profit which excludes tax deductions resulting from the reversal of those deductible temporary differences. It should ignore taxable amounts arising from deductible temporary differences which are expected to originate in future periods.
According to IAS 12, the existence of unused losses is a strong evidence that future taxable profit may not be available. Rooble has a history of recent losses, and therefore, it has to provide convincing evidence that sufficient taxable profit will be available to utilise the unused tax losses. However, there was no convincing evidence disclosed in the financial statements showing that the unused tax losses could be utilised by the entities in future.
The country in which Rooble operates is in economic crisis including a significant decline in the currency’s exchange rate and high inflation. Spamgate has no convincing evidence that this situation will reverse in the foreseeable future. The conclusion would appear to be that, based on the challenging economic environment and the fact that the construction of the commercial centre was postponed, even though there is a possibility of its sale, there is no convincing evidence that the tax losses could be utilised by Rooble in the near future. Therefore, no deferred tax asset for the unused tax losses should have been recognised.
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