56 JOTUN A/S 5 INCOME TAX INCOME STATEMENT (NOK THOUSAND) 2016 2015 Tax payable 163 297 160 841 Changes in deferred tax –34 990 –9 372 Income tax expense reported in income statement 128 308 151 470 STATEMENT OF OTHER COMPREHENSIVE INCOME (NOK THOUSAND) 2016 2015 DEFERRED TAX RELATED TO ITEMS CHARGED DIRECTLY TO OTHER COMPREHENSIVE INCOME DURING THE YEAR: Actuarial gains / losses (–) on defined benefit pension plans 840 935 Income tax expenses charged directly to other comprehensive income 840 935 RECONSILIATION OF THE EFFECTIVE RATE OF TAX AND THE TAX RATE IN JOTUN A/S’ COUNTRY OF REGISTRATION (NOK THOUSAND) 2016 2015 Profit before tax 1 076 270 1 056 262 Expected income taxes according to income tax rate 25 per cent in Norway 269 068 285 191 Exempted tax on dividends –330 874 –252 954 Tax on dividends and surplus in NOKUS companies 52 531 60 475 Non-deductible expenses and non taxable income* 80 614 23 821 Correction previous year and change in temporary differences 8 422 10 003 Taxation outside Norway less deductible in Norwegian Tax 48 546 24 933 Total income tax expense 128 308 151 470 Effective tax rate 12% 14% *) Non-deductible expenses are primarily connected to write down of shares. See note 8 for further information. TAX PAYABLE PRESENTED IN THE STATEMENT OF THE FINANCIAL POSITION (NOK THOUSAND) 2016 2015 Tax payable for the year 163 297 160 841 Net foreign tax paid –27 858 –24 933 Norwegian tax settlement for previous years 566 –6 738 Withholding taxes receivable –58 815 –69 660 NOKUS tax receivable –23 451 –30 728 Skattefunn receivable –2 066 –2 104 Total tax payable in Norway and abroad 51 673 26 679 Tax payable in Norway 30 986 26 679 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) 2016 2015 Non-current assets 55 190 68 467 Current assets 8 313 10 125 Liabilities –334 166 –195 112 Net temporary differences –270 663 –116 519 Tax rate* 24% 25% Deferred tax asset recognised in the statement of financial position 64 959 29 130 *) The Norwegian nominal statutory tax rate will be reduced from 25 per cent in 2016 to 24 per cent in 2017.
Jotun Annual Report 2016
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