Annual report 2015

NOTE 8
INCOME TAXES
     
NOK 1 000
2015
2014
The tax expense comprises:
   
Income tax payable
69 025
156 567
Change in deferred tax
136 730
95 395
Tax concerning prior periods
- 16 877
765
Withholding tax paid
13 030
 
Tax expense
201 908
252 727
     
Tax payable in balance sheet
   
NOK 1 000
2015
2014
Tax payable of the year
69 025
156 567
Group contribuiton rendered
- 59 558
- 112 683
Tax payable from prior years
- 9 467
2 457
Tax payable in balance sheet
 
46 341
     
Reconciliation of nominal to effective tax rate
   
NOK 1 000
2015
2014
     
Profit before tax
2 024 665
787 492
Expected tax expense according to nominal tax rate (27%)
546 660
212 623
Non-taxable gain/loss and return on securities
- 414 993
- 438 059
Unrealised changes in value of securities
- 10 890
580 273
Adjustment of tax from prior periods
- 16 877
765
Withholding tax paid
13 030
 
Tax recognised in other comprehensive income
- 522
 
Efffect of change in tax rate
- 28 789
 
Adjustment of deferred tax from previous periods *)
112 095
- 106 804
Tax effect of other permanent differences
2 194
3 929
Tax expense
201 908
252 727
Effective tax rate
10,0 %
32,1 %
 
 
 
Deferred tax
   
NOK 1 000
2015
2014
Receivables
- 5 321
- 9 213
Gain and loss account
3 069
4 143
Financial instruments
- 10 113
8 609
Tangible assets
234
199
Provisions
5 323
4 583
Net pensions
- 7 502
- 6 658
Shares and bonds
413 491
376 027
Tax loss to carry forward*
- 39 322
- 154 563
Balance sheet value at 31 Dec., deferred tax liability
359 859
223 128
     
Change in net deferred tax recognised in balance sheet
   
NOK 1 000
2015
2014
Balance sheet value at 1 January
223 128
128 054
Charged in period
137 253
95 395
Tax set-off against total comprehensive income (estimate deviation, pensions)
- 522
- 321
Balance sheet value at 31 December
359 859
223 128
     
*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.

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