Income Statement Group
|
NOTE 23
|
TAX EXPENSE
|
|
|
Amounts in NOK million
|
2011
|
2010
restated
|
|
Tax payable
|
(35)
|
(24)
|
|
Change in deferred tax
|
9
|
(15)
|
|
Total tax expense
|
(26)
|
(39)
|
|
Tax payable in balance
|
||
|
Amounts in NOK million
|
2011
|
2010
restated
|
|
Tax payable
|
(35)
|
(24)
|
|
Prepaid tax
|
16
|
-
|
|
Tax payable in balance
|
(19)
|
(24)
|
|
Reconciliation effective tax rate
|
||
|
Tax on the Group’s pre-tax profit differs from the amount that would have resulted from application of the nominal taxation rate. Reconciliation of the nominal tax rate and the effective tax rate is shown below:
|
||
|
Amounts in NOK million
|
2011
|
2010
restated
|
|
Pre-tax profit, incl. discontinued operations
|
100
|
143
|
|
Expected tax expense, 28% nominal tax rate
|
(28)
|
(40)
|
|
Non-deductible expenses
|
-
|
(2)
|
|
Value change in shares
|
2
|
2
|
|
Variance from different tax rates in subsidiaries
|
1
|
1
|
|
Total tax expense
|
(26)
|
(39)
|
|
Effective tax rate
|
26%
|
27%
|
|
The effective tax rate for 2011 was negatively affected by permanent variances as well as changes in variances which do not provide a basis for the calculation of deferred tax. Furthermore, the effective tax rate is positively affected by changes in options related to buyout obligations for Unisec Varularm AB, Mini Entreprenad AB and Eiendomssikring AS, something that entails a change in the value of shares recognized as a permanent variance.
|
||
