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NOTE 9
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INCOME TAXES
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Specification of income tax expenses
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NOK 1 000
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2016
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2015
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Tax payable of net profit
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Income tax payable for the year
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198 432
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269 023
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Adjustments of prior periods
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9 953
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25 556
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Total tax payable
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208 385
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294 579
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Deferred tax expense
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Change in deferred tax recognised in the income statement
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41 440
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106 459
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Effects of changes in tax rates and prior years' taxes
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-38 929
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-82 748
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Total deferred tax
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2 511
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23 711
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Income tax expense
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210 897
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318 290
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Tax payable in the balance sheet
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NOK 1 000
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2016
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2015
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Tax payable of the year
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198 432
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269 023
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Tax liability from prior years
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35 799
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132 078
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Advance tax paid
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-35 083
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-246 745
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Translation differences
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-2 070
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-10 604
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Tax payable
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197 079
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143 752
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Reconciliation of nominal to effective tax rate
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NOK 1 000
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2016
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2015
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Profit before tax
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998 497
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1 627 409
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Estimated income tax expense at nominal tax rate (25%)
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249 628
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439 400
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Losses and other deductions without any net tax effect
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-3 973
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17 754
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Non-taxable net income (-) / costs (+) from securities
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-65 594
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-285 351
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Other non-taxable income
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- 72
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-8 768
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Impairment of goodwill
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3 899
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54 000
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Adjustments of prior periods
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-30 087
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-57 192
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Tax effect of other permanent differences
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57 095
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158 446
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Income tax expense
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210 897
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318 290
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Effective tax rate
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21.1 %
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19.6 %
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Tax recognised directly in equity
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NOK 1 000
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2016
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2015
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Actuarial loss on pension obligations (note 19)
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-3 402
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988
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Cash flow hedges (note 28)
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3 270
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-21 497
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Total tax recognised in total comprehensive income
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- 132
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-20 509
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Deferred tax asset and deferred tax liability
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NOK 1 000
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2016
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2015
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Inventories
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-50 888
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10 971
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Receivables
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17 763
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7 202
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Stocks and bonds
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-245 597
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-400 934
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Other differences
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53 753
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34 925
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Tangible assets
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-45 793
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-2 446
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Investment properties
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-274 349
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-177 712
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Intangible assets
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-146 431
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-151 087
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Net pensions
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48 615
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49 554
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Tax losses to carry forward
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304 360
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329 854
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Total
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-338 568
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-299 674
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Reassment of deferred tax assets
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-348 597
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-289 722
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Net carrying value at 31 December of deferred tax assets (+)/liabilities (-)
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-687 165
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-589 396
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Deferred tax assets recognised in balance sheet
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251 594
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257 916
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Deferred tax liabilities recognised in balance sheet
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-938 759
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-847 312
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Net carrying value at 31 December of deferred tax assets (+)/liabilities (-)
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-687 165
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-589 396
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Deferred tax assets are reviewed on each balance sheet date, and is reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow for the deferred tax asset to be utilised.
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Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the liability shall be settled or the asset be realised, based on tax rates and legislation prevailing at the balance sheet date.
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Gross tax losses to carry forward with expiration years
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NOK 1 000
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2016
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2016
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5
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2017
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-
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2018
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-
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After 2018
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240 166
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Without expiration
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826 967
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Total tax losses to carry forward
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1 067 139
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Change in net deferred tax in balance sheet
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NOK 1 000
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2016
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2015
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Net carrying value at 1 January
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-589 396
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-598 146
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Translation differences
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-3 996
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49 720
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Acquisition and disposal of subsidiary
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-39 927
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3 251
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Recognised in income statement during the period
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-53 714
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-23 711
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Tax recognised in other comprehensive income
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- 132
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-20 509
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Net carrying value at 31 December
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-687 165
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-589 396
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Ferd made a settlement with the authorities on 8 April 2016 and won the case in the question of deductability for carried interest for the income year 2013. As previous years were not part of the settlement, the deductions for the years before 2013 are not finally clarified, and we cannot recognise deferred tax assets related to these years in the balance sheet.
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