56 JOTUN A/S 5 INCOME TAX STATEMENT OF COMPREHENSIVE INCOME (NOK THOUSAND) 2015 2014 Tax payable 160 841 162 404 Changes in deferred tax –9 372 173 Income tax expense reported in the statement of comprehensive income 151 470 162 577 STATEMENT OF OTHER COMPREHENSIVE INCOME (NOK THOUSAND) 2015 2014 DEFERRED TAX RELATED TO ITEMS CHARGED DIRECTLY TO OTHER COMPREHENSIVE INCOME DURING THE YEAR: Actuarial gains / losses (–) on defined benefit pension plans 935 –1 258 Income tax expenses charged directly to other comprehensive income 935 –1 258 RECONSILIATION OF THE EFFECTIVE RATE OF TAX AND THE TAX RATE IN JOTUN A/S’ COUNTRY OF REGISTRATION (NOK THOUSAND) 2015 2014 Profit before tax 1 056 262 1 008 302 Expected income taxes according to income tax rate 27 per cent in Norway 285 191 272 241 Exempted tax on dividends –252 954 –206 226 Tax on dividends and surplus in NOKUS companies 60 475 29 808 Non-deductible expenses for tax purposes* 23 821 29 624 Correction previous year and change in temporary differences 10 003 14 226 Taxation outside Norway less deductible in Norwegian Tax 24 933 22 904 Total income tax expense 151 470 162 577 Effective tax rate 14% 16% *) Non-deductible expenses are primary connected to write down of shares. See note 8 for further information. TAX PAYABLE PRESENTED IN THE STATEMENT OF THE FINANCIAL POSITION (NOK THOUSAND) 2015 2014 Tax payable for the year 160 841 162 404 Net foreign tax paid –24 933 –22 904 Norwegian tax paid on group contribution and previous years –6 738 –15 550 Withholding taxes receivable –69 660 –48 698 NOKUS tax receivable –30 728 –18 690 Skattefunn receivable –2 104 –1 833 Total tax payable in Norway 26 679 54 730 SPECIFICATION OF DEFERRED TAX Deferred tax liability consists of tax liabilities that are payable in the future. The table below lists the timing differences between tax accounting and financial accounting. TEMPORARY DIFFERENCES (NOK THOUSAND) 2015 2014 Non–current assets 68 467 55 360 Current assets 10 125 12 332 Liabilities –195 112 –137 405 Net temporary differences –116 519 –69 714 Tax rate* 25% 27% Deferred tax asset recognised in the statement of financial position 29 130 18 823 *) The Norwegian nominal statutory tax rate will be reduced from 27 per cent in 2015 to 25 per cent in 2016.
Jotun - Annual Report 2015
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