ANNUAL REPORT 2011 - DONG Energy
ANNUAL REPORT 2011 - DONG Energy
ANNUAL REPORT 2011 - DONG Energy
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13 Income tax expense<br />
DKK million <strong>2011</strong> 2010<br />
Income tax expense (3,654) (2,997)<br />
Tax on other comprehensive income 169 590<br />
tax for the year (3,485) (2,407)<br />
tax for the year can be broken down as follows:<br />
Current tax (income tax and hydrocarbon tax) calculated applying normal tax rates (1,218) (1,145)<br />
Current tax, hydrocarbon tax calculated applying higher tax rate (1,076) (568)<br />
Deferred tax, calculated applying normal tax rates (1,021) (810)<br />
Deferred tax, hydrocarbon tax calculated applying higher tax rate (439) (448)<br />
Effect of reduction of income tax rate (4) 1<br />
Adjustments to current tax in respect of prior years 85 (65)<br />
Adjustments to deferred tax in respect of prior years 19 38<br />
income tax expense (3,654) (2,997)<br />
<strong>2011</strong> dkk million %<br />
income tax expense can be explained as follows:<br />
Calculated 25% tax on profi t before tax (1,976) 25<br />
Adjustments of calculated income tax in foreign subsidiaries in relation to 25% (92) 1<br />
Hydrocarbon tax<br />
tax effect of:<br />
(1,515) 19<br />
Non-taxable income 107 (2)<br />
Capitalisation of tax assets not previously capitalised 77 (1)<br />
Non-deductible expenses (161) 2<br />
Unrecognised tax assets (126) 2<br />
Effect of reduction of income tax rate (4) -<br />
Share of profi t of associates 9 -<br />
Adjustments to tax in respect of prior years 27 -<br />
Effective tax for the year (3,654) 46<br />
2010 DKK million %<br />
income tax expense can be explained as follows:<br />
Calculated 25% tax on profi t before tax (1,865) 25<br />
Adjustments of calculated income tax in foreign subsidiaries in relation to 25% (62) 1<br />
Hydrocarbon tax<br />
tax effect of:<br />
(1,017) 14<br />
Non-taxable income 283 (4)<br />
Capitalisation of tax assets not previously capitalised (26) -<br />
Non-deductible expenses (256) 3<br />
Unrecognised tax assets (73) 1<br />
Share of profi t of associates 19 -<br />
Effective tax for the year (2,997) 40<br />
<strong>DONG</strong> ENERGY <strong>DONG</strong> ENERGY GROUP <strong>ANNUAL</strong> <strong>REPORT</strong> <strong>2011</strong> – COnsOliDatED finanCial statEmEnts<br />
83 87<br />
notes