Annual report 2015

NOTE 8

INCOME TAXES

NOK 1 000

The tax expense comprises:

Income tax payable

Change in deferred tax

Tax concerning prior periods

Withholding tax paid

Tax expense

Tax payable in balance sheet

NOK 1 000

Tax payable of the year

Group contribuiton rendered

Tax payable from prior years

Tax payable in balance sheet

Reconciliation of nominal to effective tax rate

NOK 1 000

Profit before tax

Expected tax expense according to nominal tax rate (27%)

Non-taxable gain/loss and return on securities

Unrealised changes in value of securities

Adjustment of tax from prior periods

Withholding tax paid

Tax recognised in other comprehensive income

Efffect of change in tax rate

Adjustment of deferred tax from previous periods *)

Tax effect of other permanent differences

Tax expense

Effective tax rate

Deferred tax

NOK 1 000

Receivables

Gain and loss account

Financial instruments

Tangible assets

Provisions

Net pensions

Shares and bonds

Tax loss to carry forward*

Balance sheet value at 31 Dec., deferred tax liability

Change in net deferred tax recognised in balance sheet

NOK 1 000

Balance sheet value at 1 January

Charged in period

Tax set-off against total comprehensive income (estimate deviation, pensions)

Balance sheet value at 31 December

*As a consequence of changed legislation for carried interest in Private Equity funds, Ferd's tax basis from such investments is changed. 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. We therefore maintain the balance sheet recording of deferred tax assets related to the deduction for carried interest for 2013 and 2014. As previous years were not part of the settlement, the deductions for previous years are not finally clarified, and we cannot recognise deferred tax assets related to these years in the balance sheet.