Notes to the accounts
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 |