Tax expense (tax income)
The aggregate amount included in the determination of profit or loss for the period in respect of current tax and deferred tax.

Tax loss
The loss for a period, determined in accordance with the rules established by the taxation authorities, upon which income taxes are recoverable.

Tax loss carryforward
A provision in some tax laws that allows current period losses to be carried forward and applied against future year taxable income.

Trade tax
Tax levied by the governments on business profits.

Trademark
A legal right to use a distinctive name, design, or symbol that identifies an entity or its products and services. A trademark is registered and its use is restricted to the owner.

Trigger event
A circumstance that causes a change. For example, a significant decline in the market value of an asset.

Troubled debt restructuring
Occurs when the creditor, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider.

Turn key projects
A development project in which the sole contractor is responsible for construction, fitting out and commissioning the building, so that all the client has to do is turn the key and begin trading.

Turnover ratio
A ratio calculated by dividing an income statement account balance by the average balance of an asset account in the statement of financial position.

TWC
Temporary works coordinator. One who is appointed on a temporary basis to supervise on-site construction works.