NOTE 9 – TAX

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NOTE 9 – TAX  
 
BETALBAR SKATT       2013 2012  
Resultat før skatt       108 153 171 559  
Permanente forskjeller knyttet til aksjer       -16 393 -4 894  
Øvrige permanente forskjeller       -152 -3 126  
Forskjeller knyttet til rederibeskatning       -53 910    
Forskjeller knyttet til andre andeler egenkapitalmetoden            
Endring midlertidige forskjeller       11 356 4 156  
Herav endring pensjon ført direkte mot Egenkapital.       -5 276    
Anvendt underskudd til fremføring       -3 420 -60 601  
Skattepliktig resultat       40 358 107094564  
Betalbar skatt       11 300 129 29986477.84  
Betalbar skatt uttreden rederibeskatning       0 0  
             
             
TAX EXPENSES FOR THE YEAR 2016 2015    
Payable tax 2 654 1 059    
Tonnage tax 0 234    
Gross changes in deferred tax / deferred tax assets -119 4 553    
Herof changes booked through other comprehensive income 323 -3 137    
Effect of changed tax rate 129 249    
Translation differences -1 030 -251    
Tax previous years 0 0    
Total tax on income for the year 1 958 2 706    
 
 
SPECIFICATION OF TEMPORARY DIFFERENCES: 31.12.2016 31.12.2015    
Long term temporary differences    
Tangible fixed asset 12 267    
Pension liabilities -12 933 -17 883    
Investment in shares       0    
Investment ship owning companies 0 5 171    
Tax loss carry-forward -40 297 -15 003    
Total basis for deferred tax -53 218 -27 448    
 
ANALYSIS OF RECOGNISED DEFERRED TAX IN RESPECT OF EACH TYPE OF  
TEMPORARY DIFFERENCES AND UNUSED TAX LOSSES  
          Changes
31.12.2016 31.12.2015 2016 2015
Temporary differences        
Tangible fixed asset 3 67 -64 115
Pension liabilities -3 104 -4 471 1 367 3 757
Investment in shares 0 0 0 0
Investment ship owning companies 0 1 293 -1 293 231
Tax loss carry-forward -9 671 -3 751 -5 921 998
Total deferred tax / tax asset (24%/25%) -12 772 -6 862 -5 910 5 102
 
Deferred tax asset not recognised (24/25%) -9 671 -3 751 -5 921 300
Total recognised deferred tax (24%/25%) -3 101 -3 111 10 4 802
Utsatt skattefordel knyttet til endring omregningsprinsipp skipsselskaper     334  
Korrigert balanseført utsatt skattefordel     0 0 0  
   
Change deferred tax recognized through profit and loss account 334 1 665
Omregningsdifferanse         0 0
Korrigering av feil tidligere år         0 0
Other changes deferred tax (recognized through OCI and equity) -323 3 137
Total         10 4 802
             
Changes in deferred tax recognized through other comprehensive income consist of tax effect related to remeasurements of pension liabilities.  
 
 
Reconciliation tax expenses for the year 2016 % 2015 %
27% of ordinary income/loss before tax 27 038 25% 46 321 27%
Adjustment previous year 0 0% 0 0%
27% effect of permanent differences related to shares 11 0% 10 0%
27% effect of other permanent differences -25 221 -23% -44 718 -26%
Withholding tax 0 0% 234 0%
Translation differences 0 0% 611 0%
Effect of changed tax rate 129 0% 249 0%
Effect of deferred tax asset not recognised 0 0% 0 0%
Tax cost according to Profit & Loss account 1 958 2% 2 706 2%
             
The Group's subsidiary, Clipper Shipping AS enters into the tonnage tax scheme in 2013, and is therefore only assigned tax on financial records in accordance with the tonnage tax regulations. Clipper Shipping AS is the owner of the investments in ship owning companies which result will then also be taxed under the tonnage tax regime.  
There is no tax payable for 2016 under the tonnage tax regime, except for the tonnage tax itself which is reported as other operating expences from 2016.  
 
It is not recognized deferred tax assets related to finance deficits within the tonnage tax regime.  
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