Annual Report

Notes – Marine Subsea AS
Note 6 – Taxes
Amounts in USD 1 000 2009 2008
Current income tax
Tax payable 0 0
Deferred tax -4 169 4 169
Income tax expense reported in the income statement -4 169 4 169
Reconciliation of tax expense
Profit/ (loss) before tax -29 001 20 880
Tax calculated at domestic tax rates applicable to profits in the country -8 120 5 846
Permanent differences, net 1 857 -4 369
Exchange differences -3 621 3 160
Changes in temporary differences 17 912 -1 167
Tax losses for which no deferred income tax asset was recognised -5 064 699
Tax calculated at losses carry forwards -7 133 0
Tax charge -4 169 4 169
The weighted average applicable tax rate was 28% (2008: 28%).
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 11 543
Deferred tax liabilities (net) -7 310 4 169
- Less tax losses not recogniced 7 310 0
Deferred tax liabilities (net) 0 4 169
The gross movement on deferred income tax account is as follows:
Beginning of year 4 169 0
Deffered tax assets
Deferred tax assets regarding losses carry forwards -1 821 (7 372)
Deferred tax liabilities regarding debt financing -3 041 11 542
Deffered tax liabilities regarding fixed assets -841 2
Deffered tax assets regarding pension -13 -2
Less valuation allowances 1 546 0
End of the year 0 4 169
Annual Report 2009 Marine Subsea 63