text: **NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**
  
  **NOTE 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES continued**
  
  Deferred tax assets and liabilities are ascertained based on temporary differences arising between the tax bases of 
  assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets also result where 
  amounts have been fully expensed but future tax deductions are available. No deferred income tax will be recognised 
  from the initial recognition of an asset or liability, excluding a business combination, where there is no effect on 
  accounting or taxable profit or loss. 
  
  Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply to the period when the 
  asset recognised or the liability is settled, based on tax rates enacted or substantively enacted at the reporting date. 
  Their measurement also reflects the manner in which management expects to recover or settle the carrying amount 
  of the related asset or liability. 
  
  Deferred tax assets relating to temporary differences and unused tax losses are recognised only to the extent that it 
  is probable that future taxable profit will be available against which the benefits of the deferred tax asset can be 
  utilized. Where temporary differences exist in relation to investments in subsidiaries, branches, associates, and joint 
  ventures, deferred tax assets and liabilities are not recognised where the timing of the reversal of the temporary 
  difference can be controlled and it is not probable that the reversal will occur in the foreseeable future. 