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Pillar 2 Covered Tax Calculation

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Summary:

Hi,

I have below 2 calculations for covered tax. Current tax is 21% and Pillar 2 tax 15%.

In calculation# 1 - deferred tax at 21% is added back to current tax and deferred tax as per 15% is removed to calculate the covered tax.

In calculation# 2 - deferred tax 15% removed from current tax. deferred tax as per 21% not considered in the calculation

Can anyone guide as which one is the correct calculation for covered tax.


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