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NOTE 14
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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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2013
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2012
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Tax payable of net profit
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Income tax payable for the year
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185 767
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138 917
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Adjustments of prior periods
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26 804
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8 826
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Total tax payable
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212 571
|
147 743
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Deferred tax expense
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Change in deferred tax recognised in the income statement
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49 067
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34 990
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Effects of changes in tax rates and prior years' taxes
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5 788
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3 881
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Total deferred tax
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54 855
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38 872
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Income tax expense
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267 426
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186 615
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Tax payable in balance sheet
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NOK 1 000
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2013
|
2012
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|
Tax payable of the year
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185 767
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138 917
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Tax on rendered group contribution
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- 7 000
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Tax liability from prior years
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84 290
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9 121
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Advance tax paid
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- 89 170
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- 44 224
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Translation differences
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- 6 838
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Tax payable
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167 049
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103 814
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Reconciliation of nominal to effective tax rate
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NOK 1 000
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2013
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2012
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Profit before tax
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2 942 821
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3 612 680
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Estimated income tax expense at nominal tax rate (28%)
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823 990
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1 011 550
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Losses and other deductions without any net tax effect
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- 1 806
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7 039
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Non-taxable income elated to securities
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- 556 833
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- 810 164
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Other non-taxable income, incl. value changes in investment property
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- 40 876
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- 26 049
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Adjustment of prior periods
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32 593
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12 707
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Tax effect of other permanent differences
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10 358
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- 8 469
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Income tax expense
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267 426
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186 615
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Effective tax rate
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9,1 %
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5,2 %
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Tax recognised directly in equity
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NOK 1 000
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2013
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2012
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Actuarial loss on pension obligations
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- 3 627
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959
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Cash flow hedges
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- 1 023
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2 378
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Total tax recognised in total comprehensive income
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- 4 650
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3 337
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Deferred tax assets and liabilities
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NOK 1 000
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2013
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2012
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Inventories
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14 335
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21 414
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Receivables
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8 416
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6 678
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Stocks and bonds
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- 186 533
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10 636
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Other differences
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13 714
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32 266
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Tangible assets
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- 47 183
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- 153 123
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Intangible assets
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- 146 318
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- 128 457
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Net pensions
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46 635
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65 931
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Tax losses to carry forward
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311 775
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190 785
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Total
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14 841
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46 130
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Reassessment of deferred tax assets
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- 243 927
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- 233 373
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Net carrying value at 31 December of deferred tax assets (+)/liabilities (-)
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- 229 086
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- 187 243
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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 a part or all of 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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Tax losses to carry forward, gross
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NOK 1 000
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2013
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2013
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9 632
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2014
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14 071
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2015
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15 675
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After 2015
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286 394
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Without expiration
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909 369
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Total tax losses to carry forward
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1 235 141
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Change in net deferred tax in balance sheet
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NOK 1 000
|
2013
|
2012
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Net carrying value at 1 January
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- 187 243
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- 174 885
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Translation differences
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3 592
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- 1 529
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Acquisition and disposal of subsidiary
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14 070
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- 30 464
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Recognised in income statement during the period
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- 54 855
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- 38 872
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Tax recognised in comprehensive income
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- 4 650
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3 337
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Other changes 1)
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55 170
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Net carrying value at 31 December
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- 229 086
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- 187 243
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1) Other changes mainly relate to implementation effects, the tax effect of internal gains and corrections of previous years' errors.
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