i. Current Tax:
Current tax refers to the amount of income tax payable (or recoverable) on the taxable profit for a period. It is calculated based on the tax laws and regulations in force at the reporting date. The current tax expense is recognized as a liability in the financial statements when it is due.

ii. Deferred Tax:
Deferred tax arises from temporary differences between the accounting base of assets and liabilities in the financial statements and their tax base. These differences may result in tax liabilities (deferred tax liabilities) or tax recoverables (deferred tax assets) in the future. Deferred tax helps align tax expenses with the period in which the related transactions occur, ensuring proper matching of tax with reported profits.