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Jotun Annual Report 2016

29 JOTUN GROUP TAX PAYABLE PRESENTED IN THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION (NOK THOUSAND) 2016 2015 Tax payable for the year 524 766 506 268 Prepaid taxes –316 778 –225 286 Withholding taxes receivable -88 038 –103 401 Other tax payable 39 603 7 694 Total 159 554 185 275 SPECIFICATION OF DEFERRED TAX Deferred tax liability consists of the Group 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) 2016 2015 Non-current assets 168 728 165 880 Current assets –53 480 –155 971 Liabilities –536 197 –345 940 Tax losses carried forward –62 732 –109 728 Net temporary differences –483 682 –445 760 NET DEFERRED TAX PRESENTED IN THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION Recognised deferred tax liabilities –27 828 –46 161 Recognised deferred tax asset 219 768 164 288 SPECIFICATION OF TAX LOSS CARRY FORWARD AND UNUSED TAX CREDITS (NOK THOUSAND) 2016 2015 2016 – 12 437 2017 37 840 41 656 2018 49 719 51 334 2019 78 944 76 285 2020 73 612 585 285 2021 and after 500 642 – Without expiration 502 995 392 258 Total loss carry forward 1 243 751 1 159 254 Calculated nominal tax effect of tax loss carry forward 449 473 414 926 Valuation allowance 431 797 384 202 Deferred tax asset recognised in the statement of financial position 17 677 30 724 Deferred tax assets are only capitalised to the extent that it is probable that there will be sufficient future taxable profit for the tax asset to be used, either because the unit recently reported a profit or because assets with excess value have been identified. To the extent that there is not likely to be future profits sufficient to absorb the tax-reducing timing differences, no deferred tax asset has been recognised. Jotun entities in Spain and Pakistan have substantial tax reducing timing differences that have been recognized based on the expected improvement in profitability the coming years. The Group’s operations in the US, India and Brazil have substantial tax reducing timing differences that have not been recognised due to uncertainty with regard to utilisation.


Jotun Annual Report 2016
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