Note 11 – Taxes
Group | 2016 | 2015 |
Current tax expense (–)/tax asset (+) | ||
Tax expense/tax asset for the period | -18 | -3 |
Adjustment of tax attributable to prior years | 0 | 0 |
Total | -18 | -3 |
Deferred tax expense (–)/tax asset (+) | ||
Deferred tax related to temporary differences | 0 | 0 |
Deferred tax asset attributable to tax loss carryforwards capitalized during the year | 10 | 6 |
Deferred tax expense attributable to utilization of previously capitalized tax value in tax-loss carryforwards | 0 | 0 |
Deferred tax attributable to change in tax rate | – | – |
Deferred tax expense attributable to impairment of capitalized tax value attributable to tax-loss carryforwards | -1 | -11 |
Others | 0 | 1 |
Total | 9 | -4 |
Total consolidated reported tax expense (-)/tax asset (+) | -9 | -7 |
Parent Company | 2016 | 2015 |
Current tax expense (–)/tax asset (+) | ||
Tax expense/tax asset for the period | – | – |
Adjustment of tax attributable to prior years | – | – |
Total | – | – |
Deferred tax expense (–)/tax asset (+) | ||
Deferred tax related to temporary differences | 10 | 6 |
Total | 10 | 6 |
Total reported tax expense (-)/ tax asset (+) Parent Company | 10 | 6 |
Reconciliation of effective tax | 2016 | 2015 |
Group | ||
Profit/loss before tax | -11 | -162 |
Tax at prevailing rate for the Parent Company | 2 | 36 |
Effect of different tax rates for foreign subsidiaries | 0 | -1 |
Non-deductible expenses | -3 | -28 |
Non-taxable Revenues | 0 | 0 |
Increase of loss carryforward without corresponding capitalization of deferred tax | -9 | -12 |
Taxes attributable to previous years | 0 | – |
Share in earnings of joint venture | 2 | 0 |
Other | -1 | -3 |
Recognized effective tax | -9 | -7 |
Reconciliation of the effective tax rate for the Group is based on a weighted average of the nominal tax rates that apply to each of the companies within the Group included in continuing operations. | ||
Reconciliation of effective tax | 2016 | 2015 |
Parent Company | ||
Profit/loss before tax | -67 | -230 |
Tax at prevailing rate for the Parent Company | 15 | 51 |
Non-deductible expenses | -12 | -52 |
Non-taxable Revenues | 7 | 7 |
Other | – | 0 |
Recognized effective tax | 10 | 6 |
Tax items recognized in other comprehensive income | ||
Group | 2016 | 2015 |
Current tax for currency risk hedging in foreign operations | 4 | -3 |
Total tax in other comprehensive income | 4 | -3 |
Tax items recognized directly in equity | ||
Group | 2016 | 2015 |
Tax items recognized directly in equity | – | – |