Note 8

Taxes

TAX EXPENSE
Recognised in the income statement:
NOK million	Accounts 2015	Accounts 2014
Tax expense for the period:
Tax payable for the year	(19)	(11)
Total tax expense for the period	(19)	(11)

Deferred tax expense:
Change in deferred tax	(47)	(53)
Effect of changed tax regulations in Norway	11	-
Total deferred tax expense	(36)	(53)
Total tax expense in the income statement	(55)	(64)

Reconciliation of effective tax rate
NOK million	Accounts 2015	Accounts 2014
Profit before tax	228	260
Nominal tax rate in Norway 27 %	(62)	(70)
Effect of changed tax regulations in Norway	11	-
Tax on other income, expense	-	6
Non-deductible expenses, non-taxable income	(5)	1
Recognition in income of def. tax asset not rec. in the bs re. pvs. years
Total tax expense in the income statement	(55)	(64)
Effective tax rate	24%	24%

Deferred tax assets and liabilities
Deferred tax assets and liabilities are netted off when there is a legal right to net off assets and liabilities against the tax for the period and when the deferred tax relates to the same tax authority.

The gross movement in deferred tax (assets and liabilities) accounts is as follows:
NOK million	Accounts 2015	Accounts 2014
Balance as of 1 January	(96)	(56)
Deferred tax expense in other comprehensive income in total comprehensive income	-	12
Deferred tax from income statement	(36)	(53)
Balance as of 31 December	(132)	(96)
Deferred tax assets		0
Deferred tax liability (-)	(132)	(96)
Balance as of 31 December	(132)	(96)

Deferred tax assets:
NOK million	Fixed assets/ property, plant and equipment inc. intangible assets inlkl. imm eiendeler	Tax loss carryforward til fremføring	Pensions	Other	Total
as of 01 January 2014	12	113	1	20	146

Deferred tax expense/income in income statement	(3)	-	-	(41)	(45)
Deferred tax expense/income included in comprehensive income			1	12	12
Netted against deferred tax	(9)	(113)	(2)	10	(114)
as of 31 December 2014	-	-	-	-	-

Deferred tax expense/income in income statement					-
Deferred tax expense/income included in comprehensive income					-
Netted against deferred tax					-
as of 31 December 2015	-	-	-	-	-

Deferred tax liability:
NOK million	Anleggsmidler	Underskudd til fremføring	Gevinst & Tapskonto	Fordinger og andre forskjeller	Sum
as of 01 January 2014	(159)	2	(31)	(13)	(202)

Deferred tax expense/income in income statement	(17)	1	3	5	(8)
Deferred tax expense/income included in comprehensive income	-	-	-	-	-
Netted against deferred tax assets	9	113	2	(10)	114
as of 31 December 2014	(167)	115	(27)	(18)	(96)

Deferred tax expense/income in income statement	20	(43)	(5)	(8)	(36)
Deferred tax expense/income included in comprehensive income				-	-
as of 31 December 2015	(147)	72	(32)	(25)	(132)

Deferred tax recognised directly in equity
NOK million		2015	2014
Deferred tax assets		-	-
Deferred tax		-	12

The tax expense, net deferred tax liability and net liability on tax for the period relates to the following geographic areas:
2015
NOK million	The year's payable tax	Deferred tax expense	Total tax expense	Assets on deferred tax	Net liabilities on deferred tax
Norway	(19)	(36)	(55)	-	(132)
EU			-
Total	(19)	(36)	(55)	-	(132)

2014
NOK million	The year's payable tax	Deferred tax expense	Total tax expense	Assets on deferred tax	Net liabilities on deferred tax
Norway	(11)	(53)	(64)	-	(96)
EU			-
Total	(11)	(53)	(64)	-	(96)

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