Note 11 - Taxes

   

CONSOLIDATED

(Amounts in USD 1,000)

 

2015

2014

       

Temporary differences

     

Deferred tax

Time frame

   

Participation in limited liability companies

Long

-2,701

-

Operating assets

Long

-34,497

-37,921

Special tax account

Long

-

-

Pension funds/obligations

Long

-2,601

-3,812

Other short-term differences

Short

-

-

Other long-term differences

Long

4,605

2,352

Net temporary differences as of December 31

 

-35,194

-39,381

       

Tax loss carried forward

 

-31,091

-30,265

Basis for deferred tax (tax asset)

 

-66,286

-69,646

       

Deferred tax (tax asset) Norway

 

-8,137

-2,604

Deferred tax (tax asset) Holland

 

-3,415

-3,785

Deferred tax (tax asset) Germany

 

-115

-6,203

Deferred tax (tax asset)

 

-11,668

-12,591

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

 

-11,668

-12,591

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

The Company has decided to exit from the Norwegian Tonnage Tax Regime effective 1 of January 2015. Formally the decision is being made as part of filing of the 2015 corporate tax return. The decision is being 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)

 

2015

2014

Tonnage tax regime in subsidiaries, as of January 1

 

22

39

Tax charge

 

-4

2

Paid

 

-16

-15

Effect of exchange rate differences

 

4

-4

Total tonnage tax in subsidiaries, as of December 31

 

5

22

12/31/2015
Total tax

   

CONSOLIDATED

(Amounts in USD 1,000)

Tonnage tax regime

Other tax regime

Total tax liabilities

Long term tax liabilities falling due after 1 year

-

5,483

5,483

Payable taxes falling due within 1 year

5

3,491

3,496

Tax liabilities

5

8,974

8,979

       

Tax expense

   

2015

(Amounts in USD 1,000)

Tonnage tax regime

Other tax regime

Total tax expense

Taxes payable

-4

-4,506

-4,510

Change in deferred tax/deferred tax asset

-

-227

-227

Over/under provisions in previous year

-

 

-

Total

-4

-4,733

-4,737

Overprovision in previous year relates to activity on Greenland for the subsidiary Overseas Drilling Limited.
Actual tax liability was decreased compared to budget by taking into consideration local tax legislation.
There is no tax amount related to the items under Other Comprehensive Income.

12/31/2014
Total tax

   

CONSOLIDATED

(Amounts in USD 1,000)

Tonnage tax regime

Other tax regime

Total tax liabilities

Long term tax liabilities falling due after 1 year

-

6,368

6,368

Payable taxes falling due within 1 year

22

4,983

5,005

Tax liabilities

22

11,351

11,373

       

Tax expense

   

2014

(Amounts in USD 1,000)

Tonnage tax regime

Other tax regime

Total tax expense

Taxes payable

2

3,939

3,941

Change in deferred tax/deferred tax asset

-

-1,179

-1,179

Over/under provisions in previous year

-

-33

-33

Total

2

2,726

2,729

       
   

PARENT COMPANY

Total tax

 

12/31/2015

12/31/2014

(Amounts in USD 1,000)

 

Other tax regime

Other tax regime

Long term tax liabilities falling due after 1 year

 

4,258

4,885

Payable taxes falling due within 1 year

 

-150

-146

Tax liabilities

 

4,108

4,738

       

Tax expence

 

2015

2014

Taxes payable

 

-

-

Total

 

-

-