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AAK Annual Report 2015

65 NOTE 12 – TAX EXPENSES Tax expenses for the year Group Parent 2015 2014 2015 2014 Current tax -290 -250 -1 0 Deferred tax -60 -17 - - Total -350 -267 -1 0 Determination of the current tax expense The Group’s weighted average underlying tax rate is approximately 26–28 percent. The Group’s weighted average tax rate for 2015, based on the tax rates in each of the various countries involved, was 27 percent. The tax rate in Sweden is 22 percent (22). Group Parent 2015 2014 2015 2014 Profit before taxes 1,295 1,154 1 -4 Weighted average tax rate based on the tax rates in each country -342 -280 0 1 Tax effect of non-deductible expenses -32 -23 -1 -1 Tax effect of tax-exempt income 24 25 - - Net effect of loss carry-forwards -1 0 - - Effect of tax rate changes 1 2 - - Adjustment for current tax for previous years - 9 - - Tax expense -350 -267 -1 0 Deferred tax asset/provisions for deferred tax Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset the recognised tax assets and liabilities and when the deferred taxes refer to the same tax authority. The offset amounts are as follows: Group Parent Deferred tax assets 2015 2014 2015 2014 Tax loss carry-forwards 17 12 - - Non-current assets 19 39 - - Inventory 3 1 - - Current assets -22 -13 - - Provisions 45 75 - - Non-current liabilities 11 0 - - Current liabilities 24 17 - - At year-end 97 131 - - Group Parent Deferred tax liabilities 2015 2014 2015 2014 Non-current assets 452 305 - - Inventory 7 4 - - Current assets 3 11 - - Provisions -19 -13 - - Untaxed reserves - 6 - - Non-current liabilities 1 9 - - Current liabilities 10 8 - - At year-end 454 330 - - Deferred tax asset not recognised The Company has no loss carry-forwards not reflected in deferred tax assets. Income tax liabilities and tax assets In addition to deferred tax assets and liabilities, AAK has the following current tax liabilities and tax receivables: Group Parent 2015 2014 2015 2014 Current tax liabilities -311 -143 0 0 Current tax receivables 239 184 5 5 Income tax liabilities/tax assets -72 41 5 5


AAK Annual Report 2015
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