Note 11 - Taxes

Consolidated

(Amounts in USD 1,000)

2017

2016

Temporary differences

Deferred tax

Time frame

Participation in limited liability companies

Long

-2,701

-2,701

Operating assets

Long

-26,726

-30,927

Special tax account

Long

-

-

Pension funds/obligations

Long

-1,785

-1,493

Other short-term differences

Short

-

-

Other long-term differences

Long

-

6,517

Net temporary differences as of December 31

-31,211

-28,604

 

Tax loss carried forward

-30,557

-31,091

Basis for deferred tax (tax asset)

-61,768

-59,695

 

Deferred tax (tax asset) Norway

-8,060

-1,169

Deferred tax (tax asset) Holland

-3,065

-3,075

Deferred tax (tax asset) Germany

-

-7,223

Deferred tax (tax asset)

-11,125

-11,467

Deferred tax asset recognized in statement of financial position as of December 31

-11,125

-11,467

There are no tax assets in the parent company.

Deferred tax assets are recognized as intangible assets as it is probable through prospective earnings that it can be utilized.

The Company is subject to taxes in several jurisdictions, where significant judgment is required in calculating the tax provision for the Company. There are several transactions for which the ultimate tax cost is uncertain and for which the Company makes provisions based on an assessment of internal estimates, tax treaties and tax regulations in countries of operation, and appropriate external advice. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such difference will impact the tax charge in the period in which the outcome is determined.

The Company decided to exit the Norwegian Tonnage Tax regime effective 1 January 2015. Formally the decision was made as part of filing of the 2015 corporate tax return. The decision was made to ensure that the Company is fully capable of complying with current legislation. Additionally, exiting the Norwegian Tonnage Tax regime will provide more flexibility to the Company. The Norwegian Tonnage tax Regime is a ring-fence regime which is not flexible with regards to which assets and activities that can be operated under the regime.

Tonnage tax in subsidiaries, as of December 31

(Amounts in USD 1,000)

2017

2016

Tonnage tax regime in subsidiaries, as of January 1

5

5

Paid

-5

-

Total tonnage tax in subsidiaries, as of December 31

-

5

12/31/2017

Total tax liabilities

CONSOLIDATED

(Amounts in USD 1,000)

Tonnage tax regime

Other tax regime

Total tax liabilities

Long term tax liabilities falling due after 1 year

-

1,142

1,142

Payable taxes falling due within 1 year

-

10,594

10,594

Tax liabilities

-

11,736

11,736

 

Tax expense

2016

(Amounts in USD 1,000)

Tonnage tax regime

Other tax regime

Total tax expense

Taxes payable

-

-9,090

-9,090

Change in deferred tax/deferred tax asset

-

3

3

Over/under provisions in previous year

-

-

-

Total

-

-9,087

-9,087

 

12/31/2016

Total tax liabilities

CONSOLIDATED

(Amounts in USD 1,000)

Tonnage tax regime

Other tax regime

Total tax expense

Long term tax liabilities falling due after 1 year

-

1,297

1,297

Payable taxes falling due within 1 year

5

2,863

2,868

Tax liabilities

5

4,160

4,165

Tax expense

 

(Amounts in USD 1,000)

Tonnage tax regime

Other tax regime

Total tax expense

Taxes payable

-4

842

838

Change in deferred tax/deferred tax asset

-

-212

-212

Total

-4

629

626

 

There is no tax amount related to the items under Other Comprehensive income.

 

Total tax - other tax regime

PARENT COMPANY

(Amounts in USD 1,000)

12/31/2017

12/31/2016

Long term tax liabilities falling due after 1 year

-

-

Payable taxes falling due within 1 year

20

-292

 

Tax liabilities

20

-292

Tax expense

2017

2016

Taxes payable

-79

2,742

Total

-79

2,742

Board Of Directors

Financial Statements

Notes