True or False: A deferred tax asset represents the increase in taxes refundable in future years as a result of deductible temporary differences existing at the end of the current year.

True.

A deferred tax is is an item on a comapany's balance sheet that may be used to reduce taxable income in future.

In a situation when a company overpays it's tax or pays in advance the taxes are eventually returned as tax relief.

Explanation:

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