Note Tax expenses
11
92
Tax expenses for the year
Group Parent
2019 2018 2019 2018
Current tax -587 -431 -3 -11
Deferred tax 89 -58 2 -
Total -498 -489 -1 -11
Determination of the current tax expense
The Group’s weighted average underlying tax rate is approximately 24–25 percent. The Group’s weighted average tax rate for 2019, based on the tax rates in each of the various countries
involved, was 25 percent. The tax rate in Sweden is 21.4 percent (22).
Group Parent
2019 2018 2019 2018
Profit before taxes 2,011 1,829 1,474 2,372
Weighted average tax rate
based on the tax rates in each country -442 -415 -315 -522
Tax effect of non-deductible expenses -19 -20 -3 -3
Tax effect of tax-exempt income 7 6 317 514
Effect of deficit deductions not carried forward -45 -57 - -
Effect of tax rate changes 5 14 - -
Adjustment for current tax for previous years -4 -17 - -
Tax expense -498 -489 -1 -11
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 2019 2018 2019 2018
Tax loss carry-forwards 21 21 - -
Non-current assets 24 1 - -
Right-of-use assets 4 - 0 -
Inventory -3 -5 - -
Current assets 1 -15 5 3
Provisions 63 36 - -
Current liabilities 34 23 - -
At year-end 144 61 5 3