Dubai Financial Services Authority (DFSA)
Laws
| Whole Section | Text only | Print Manager | Link |
 |
Versions (1 version) |
 |
Dec 9 2012 onwardsPIB 3.13.10
To view past versions of this module in PDF format, please visit the Archive.
(1) An Authorised FirmG must apply a risk weight in accordance with PIB chapter 4 as applicable, to deferred tax assets that do not rely on future profitability.
(2) For the purpose of (1), deferred tax assets that do not rely on future profitability comprise the following:
(a) overpayments of tax by the Authorised FirmG for the current year;
(b) current year tax losses of the Authorised FirmG carried back to previous years that give rise to a claim on, or a receivable from, a central government, regional government or local tax authority; and
(c) deferred tax assets arising from temporary differences which, in the event the Authorised FirmG incurs a loss, becomes insolvent or enters liquidation, are replaced, on a mandatory and automatic basis in accordance with the applicable national law, with a claim on the central government of the jurisdiction in which the Authorised FirmG is incorporated which must absorb losses to the same degree as CET1 Capital instruments on a going concern basis and in the event of insolvency or liquidation of the Authorised FirmG .
Derived from RM111/2012 (Made 15th October 2012). [VER20/12-12]
