PFN PIN 6.5.6

Deferred tax assets that are current assets are reported at item 4. Insurers must have regard to the following principles when completing item 4:

(a) Netting off of deferred tax assets and liabilities is permitted only where both the asset and the liability relate to the same tax to which the Insurer is subject, and are expected to crystallise in the same taxation period; and
(b) Amounts that represent refunds due from taxation authorities, that are not contingent on earning future taxable income, are not deferred tax assets but are receivables.

Derived from DFSA RM11/2004 (Made 16th September 2004). [VER1/09-04]