For purposes of the statement of cash flows, under IFRS income taxes paid are treated as:

(a) cash fl ows from operating activities unless they can be separately identifi ed as part of investing or fi nancing activities.

(b) an operating activity in all cases.

(c) an investing or operating activity, depending on whether a refund is received.

(d) either operating, fi nancing, or investing activity, but treated consistently to other companies in the same industry.