Note Tax expenses
88
Group Parent
2018 2017 2018 2017
Profit before taxes 1,829 1,666 2,122 -11
Weighted average tax rate
based on the tax rates in each country -415 -400 -467 2
Tax effect of non-deductible expenses -20 -17 -3 -3
Tax effect of tax-exempt income 6 13 459 -
Effect of deficit deductions not carried forward -57 -70 - -
Effect of tax rate changes 14 35 - -
Adjustment for current tax for previous years -17 -15 - 3
Tax expense -489 -454 -11 2
12
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 2018 2017 2018 2017
Tax loss carry-forwards 21 24 - -
Non-current assets 1 29 - -
Inventory -5 5 - -
Current assets -15 12 3 3
Provisions 36 32 - -
Non-current liabilities 0 0 - -
Current liabilities 23 4 - -
Offset - -33 - -
At year-end 61 73 3 3
Group Parent
Deferred tax liabilities 2018 2017 2018 2017
Non-current assets 477 512 - -
Inventory 5 7 - -
Current assets 16 11 - -
Provisions -30 -23 - -
Non-current liabilities 0 0 - -
Current liabilities 22 -37 - -
Offset - -33 - -
At year-end 490 437 - -