Taxes payable in respect of current and prior periods are recognised as a liability to the extent they are unpaid at the balance sheet date (IAS 12.12).
Deferred tax liabilities are recognised for taxable temporary differences at the balance sheet date which will result in tax payable in future periods (for example, where tax deductions 'capital allowances' have been claimed for capital items before the equivalent depreciation expense has been charged to the income statement) (IAS 12.15).