Annual Report

Notes – Marine Subsea Consolidated
Note 11 – Taxes
Amounts in USD 1 000 2009 2008
Current income tax
Tax payable 1 889 1 474
Deferred tax -5 164 3 671
Witholding tax 1 769 0
Adjustment for previous years 1 993 0
Income tax expense reported in the income statement 488 5 145
Reconciliation of tax expense
Profit/ (loss) before tax -41 142 25 124
Tax calculated at domestic tax rates applicable to profits in the country -11 520 7 035
Adjustment in respect to different tax rates 172 1 725
Permanent differences net 2 303 -5 309
Changes in temprary differences 17 791 -1 016
Defence tax/additional tax 133 237
Witholding tax 1 769 211
Relief witholding tax -389 0
Adjustment for previous years 1 397 -397
Deffered tax related to acquisition -101 -101
Tax income not subject to tax -40 0
Tax losses for which no deferred income tax asset was recognised -4 942 2 761
Tax loss carried forward -6 573 0
Tax charge 0 5 146
The weighted average applicable tax rate was 0% (2008: 20,48%).
Deferred income tax:
Deferred tax assets;
- Deferred tax assets to be recovered after more than 12 months 13 861 -7 374
Deferred tax liabilities;
- Deferred tax liability to be recovered after more than 12 months 6 551 11 923
Deferred tax liabilities (net) -7 310 4 549
- Less tax losses not recogniced 7 310 0
Deferred tax liabilities (net) 0 4 549
The gross movement on deferred income tax account is as follows:
Beginning of year 4 549 397
Deffered tax assets regarding pension -13 -2
Deferred tax assets regarding losses carry forwards -655 -7 771
Deferred tax liabilities regarding debt financing/receivables -3 881 11 543
Deffered tax liabilities regarding acqusition of subsidiary 170 380
Deffered tax liabilities regarding fixed assets 0 2
End of the year 170 4 549
Nominal tax rate in Norway: 28%, Cyprs: 10%, Angola: 35% and Scottland: progressive tax rate starting at 21%
Annual Report 2009 Marine Subsea 39