Consolidated
(Amounts in USD 1,000)		2017	2016
Temporary differences
Deferred tax	Time frame
Participation in limited liability companies	Long	-2,701	-2,701
Operating assets	Long	-26,726	-30,927
Special tax account	Long	-	-
Pension funds/obligations	Long	-1,785	-1,493
Other short-term differences	Short	-	-
Other long-term differences	Long	-	6,517
Net temporary differences as of December 31		-31,211	-28,604
Tax loss carried forward		-30,557	-31,091
Basis for deferred tax (tax asset)		-61,768	-59,695
Deferred tax (tax asset) Norway		-8,060	-1,169
Deferred tax (tax asset) Holland		-3,065	-3,075
Deferred tax (tax asset) Germany		-	-7,223
Deferred tax (tax asset)		-11,125	-11,467
Deferred tax asset recognized in statement of financial position as of December 31		-11,125	-11,467

There are no tax assets in the parent company.

Deferred tax assets are recognized as intangible assets as it is probable through prospective earnings that it can be utilized.

The Company is subject to taxes in several jurisdictions, where significant judgment is required in calculating the tax provision for the Company. There are several transactions for which the ultimate tax cost is uncertain and for which the Company makes provisions based on an assessment of internal estimates, tax treaties and tax regulations in countries of operation, and appropriate external advice. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such difference will impact the tax charge in the period in which the outcome is determined.

The Company decided to exit the Norwegian Tonnage Tax regime effective 1 January 2015. Formally the decision was made as part of filing of the 2015 corporate tax return. The decision was made to ensure that the Company is fully capable of complying with current legislation. Additionally, exiting the Norwegian Tonnage Tax regime will provide more flexibility to the Company. The Norwegian Tonnage tax Regime is a ring-fence regime which is not flexible with regards to which assets and activities that can be operated under the regime.

Tonnage tax in subsidiaries, as of December 31
(Amounts in USD 1,000)		2017	2016
Tonnage tax regime in subsidiaries, as of January 1		5	5
Paid		-5	-
Total tonnage tax in subsidiaries, as of December 31		-	5

12/31/2017
Total tax liabilities			CONSOLIDATED
(Amounts in USD 1,000)	Tonnage tax regime	Other tax regime	Total tax liabilities
Long term tax liabilities falling due after 1 year	-	1,142	1,142
Payable taxes falling due within 1 year	-	10,594	10,594
Tax liabilities	-	11,736	11,736
Tax expense			2016
(Amounts in USD 1,000)	Tonnage tax regime	Other tax regime	Total tax expense
Taxes payable	-	-9,090	-9,090
Change in deferred tax/deferred tax asset	-	3	3
Over/under provisions in previous year	-	-	-
Total	-	-9,087	-9,087
12/31/2016
Total tax liabilities			CONSOLIDATED
(Amounts in USD 1,000)	Tonnage tax regime	Other tax regime	Total tax expense
Long term tax liabilities falling due after 1 year	-	1,297	1,297
Payable taxes falling due within 1 year	5	2,863	2,868
Tax liabilities	5	4,160	4,165
Tax expense
(Amounts in USD 1,000)	Tonnage tax regime	Other tax regime	Total tax expense
Taxes payable	-4	842	838
Change in deferred tax/deferred tax asset	-	-212	-212
Total	-4	629	626
There is no tax amount related to the items under Other Comprehensive income.
Total tax - other tax regime			PARENT COMPANY
(Amounts in USD 1,000)		12/31/2017	12/31/2016
Long term tax liabilities falling due after 1 year		-	-
Payable taxes falling due within 1 year		20	-292
Tax liabilities		20	-292
Tax expense		2017	2016
Taxes payable		-79	2,742
Total		-79	2,742