(1) Where there are differences between the values recognised under commercial law for the assets, debt obligations and accrued and deferred items and the values recognised for them for tax purposes, and said differences are likely to narrow over the course of subsequent financial years, the total resulting tax burden is to be recognised on the balance sheet as a deferred tax liability (section 266 (3) E.). Any reduction of taxes resulting in the aggregate may be recognised on the balance sheet as a deferred tax asset (section 266 (2) D.). The resulting tax burden and the resulting tax reduction also may be recognised without a set-off being performed. In calculating deferred tax assets, tax loss carryforwards are to be taken into account in the amount of the loss set-off expected to be performed over the course of the upcoming five years.
(2) The amounts of the resulting tax burden and tax reduction are to be valued at the interest rates specific to the respective enterprise as given at the time the differences have narrowed; they are not to be discounted. The items shown are to be reversed as soon as the tax burden or tax reduction has arisen or its arisal no longer can be reckoned with. The expenditures or earnings resulting from the changes in the deferred taxes reported on the balance sheet are to be shown separately in the profit and loss account in the item “Taxes on income and earnings.”
(3) In recognising and valuing deferred taxes, differences resulting from the application of the following acts are not to be taken into account:
1. the Act Ensuring a Global Minimum Level of Taxation for Enterprise Groups (Gesetz zur Gewährleistung einer globalen Mindestbesteuerung für Unternehmensgruppen – MinStG) and
2. a foreign act ensuring a global minimum level of taxation that serves to implement Council Directive of 15 December 2022 on ensuring a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the Union (OJ L 328 of 22 December 2022, p. 1; L 13 of 16 January 2023, p. 9) or the model rules for a global minimum level of taxation established by the Organisation for Economic Cooperation and Development, on which said Council Directive is based.