Note 25 - Income tax

Parent Bank   Group
2014 2015 (NOK million) 2015 2014
1,777 1,796 Result before tax 1,787 2,143
-566 -492 +/- permanent differences *) -359 -813
133 251 +/- change in temporary differences as per specification 218 161
- - + deficit to be brought forward 55 -15
1,344 1,556 Year's tax base/taxable income 1,700 1,476
         
363 420 Of which payable tax 459 398
-22 - (Excess)/short tax provision last year - -22
341 420 Total taxes payable 459 377
         
363 420 Tax payable on profit for the year 459 398
27 -30 Tax effect of other comprehensive income -30 28
-36 -65 +/- change in deferred tax -60 -40
-22 - +/- too much/too little set aside for payable tax in previous years - -23
-1 - + withholding tax - -1
330 325 Tax charge for the year 370 362
         
         
    Change in net deferred tax liability    
-36 95 Deferred tax shown through profit/loss 90 -40
-27 -30 Deferred tax shown through equity -30 -28
 - - Deferred tax assets acquired in business combination 121  -
78 - Correction payable tax/deferred tax, previous years *) - 73
15 65 Total change in net deferred tax liability 181 5
*) Due to changes in temporary differences between presented annual accounts and final tax asessment papers

 

Deferred tax   Deferred tax
31 Dec 2014 31 Dec 2015 Composition of deferred tax carried in the statement of financial position (NOK million) 31 Dec 2015 31 Dec 2014
    Temporary differences:    
-  -  - Fixed assets 51 69
- -  - Leasing items  149 113
- 99  - Pension liability 103 3
122 125  - Securities 125 122
1,043 584  - Hedge derivatives 584 1,043
1  -  - Other temporary differences 1 3
1,166 809 Total tax-increasing temporary differences 1,013 1,353
315 202 Deferred tax 253 365
         
    Temporary differences:    
-11 -3  - Fixed assets -20 -16
-19 -  - Pension liability -6 -26
-4 -124  - Securities -124 -95
-984 -789  - Hedge derivatives -789 -984
-30 -27  - Other temporary differences -233 -168
- -  - Deficit carried forward -507 -62
-1,048 -942 Total tax-decreasing temporary differences -1,679 -1,350
-283 -236 Deferred tax asset -420 -365
32 -33 Net deferred tax (-asset) -167 1

The above table comprises temporary differences from all consolidated companies shown gross. At the company level tax-increasing and tax-reducing temporary differences are shown net. At the group level  recognition is on a gross basis in conformity with IAS 12 with each company being presented separately in the calculation of  the Group's tax benefit and deferred tax:

  31 Dec 2015 31 Dec 2014
Tax benefit recorded 31.12 188 44
Deferred tax recorded 31.12 -21 45

 

Recognised in income statement   Recognised in income statement
2014 2015 Composition of deferred tax recognised in the income statement (NOK million) 2015 2014
    Temporary differences:    
-9 -7  - Fixed assets 18 25
- -  - Leasing items  -36 -39
 -  -  - Pension liability 16 -32
-67 120  - Securities -4 73
-555 -195  - Hedge derivatives 459 -555
- -2  - Other temporary differences 2 -1
-631 -85 Total tax-increasing temporary differences 455 -529
-170 -23 Deferred tax 123 -143
         
    Temporary differences:    
- -  - Fixed assets 4 -8
101 -8  - Pension liability -20 24
124 -4  - Securities 29 22
510 459  - Hedge derivatives -195 510
30 -  - Other temporary differences 66 41
- -  - Deficit carried forward -60 -12
765 447 Total tax-decreasing temporary differences -176 575
206 121 Deferred tax asset -48 155
- -3 Change in tax rate from 27 % to 25 % 14 -
36 95 Net 90 13

 

2014 2015 Reconciliation of tax charge recognised for the period to profit before tax  2015 2014
480 485 27 % of profit before tax 482 579
-153 -133 Non-taxable profit and loss items (permanent differences) *) -97 -220
27 -30 Tax effect of other comprehensive income -29 28
- 3 Change in tax rate from 27 % to 25 % 14 -
-1 - Withholding tax - -1
-22 - Too much/little tax provision previous years - -23
330 325 Tax for the period recognised in the income statement 370 362
19 % 18 % Effective tax rate  21 % 17 %
         
*) Includes non-deductible costs and and deduction for profit share related to associates and joint ventures (profit shares are taken out having already been taxed at the respective companies).

Financial results

Annual report and notes

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