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AAK Annual Report 2016

67 127(±7$;(;3(16(6 Tax expenses for the year Group Parent 2016 2016 Current tax -453 -290 -5 -1 Deferred tax 48 -60 - - Total -1 Determination of the current tax expense The Group’s weighted average underlying tax rate is approximately 27–28 percent. The Group’s weighted average tax rate for 2016, based on the tax rates in each of the various countries involved, was 28 percent. The tax rate in Sweden is 22 percent (22). Group Parent 2016 2016 Profit before taxes 1,445 1,295 -14 1 Weighted average tax rate based on the tax rates in each country -384 -342 3 0 Tax effect of non-deductible expenses -22 -32 -3 -1 Tax effect of tax-exempt income 12 24 - - Net effect of loss carry-forwards -28 -1 - - Effect of tax rate changes 2 1 - - $GMXVWPHQWIRUFXUUHQWWDIRUSUHYLRXV\HDUV 15 - -5 - Tax expense -1 Deferred tax asset/provisions for deferred tax Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset the recognized 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 2016 2016 Tax loss carry-forwards 23 17 - - Non-current assets 60 19 - - Inventory 10 3 - - Current assets -26 -22 - - Provisions 66 45 - - Non-current liabilities 3 11 - - Current liabilities 65 24 - - At year-end 201 97 - - Group Parent Deferred tax liabilities 2016 2016 Non-current assets 515 452 - - Inventory 11 7 - - Current assets 1 3 - - Provisions -18 -19 - - Untaxed reserves - - - - Non-current liabilities 1 1 - - Current liabilities 10 10 - - At year-end - - Deferred tax asset not recognized 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 2016 2016 Current tax liabilities -357 -311 0 0 Current tax receivables 219 239 6 5 Income tax liabilities/tax assets -72 6


AAK Annual Report 2016
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