Will the Tax Group need to prepare consolidated financial statements?
Yes, in order to determine the taxable income of the Tax Group, the parent company will have to consolidate the financial accounts of each subsidiary and parent company for the relevant Tax Period, and eliminate transactions between the parent company and each subsidiary group member.
All members of the Tax Group must use the same Accounting Standards for the relevant Tax Period in which the Tax Group is formed. This condition would not be met if one juridical Resident Person uses IFRS and another juridical Resident Person uses IFRS for SMEs.