Enacted and Substantively enacted tax rates . Deferred tax measured at: Tax rates that are expected to apply to the period when Assets are recovered or Liabilities are settled Based on tax rates that are enacted (in law/act) or substantively enacted (proposed/ announced) Example: A change in tax rate from 30% to 29% is announced on 20 Jan 20x1. New rate will apply to assessments ending after 1 Mar 20x1. The new rate was enacted on 21 April 20x1. . At what rate should current and deferred tax be calculated if: a) Company's year end is 31 Dec 20x0 b)Company's year end is 28 Feb 20x1 c) Company's year end is 31 Mar 20x1
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