Note 8 Taxes Amounts in EUR thousand 1 Jan–31 Dec 22 1 Jan–31 Dec 21 Current tax expense (2 109) (1 564) Previous year tax adjustment 214 Withholding tax (789) (503) Changes in deferred tax 437 Income tax (expense) benefit (2 247) (2 068) RECONCILIATION OF TAX (EXPENSE) BENEFIT TO NOMINAL STATUTORY TAX RATE OF 22 % Amounts in EUR thousand 1 Jan–31 Dec 22 1 Jan–31 Dec 21 Net income (loss) before income taxes 30 200 2 578 Tax (expense) benefit at applicable tax rate (6 644) (567) Tax effect of permanent differences exempted for tax 5 487 561 Non deductible expenses/non taxable income 70 (116) Changes in unrecognized deferred tax asset (1 541) (522) Tax effect on translation differences exempt of tax 956 (920) Correction of previous years current tax 214 Other taxes, withholding tax (789) (503) Income tax (expense) benefit for the year (2 247) (2 068) DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES Amounts in EUR thousand 31 Dec 2022 31 Dec 2021 Tax losses carried forward Witholding tax expected to be credited 437 Other non current / Interest cost subject to limitations 4 623 3 082 Net Deferred tax assets/(liabilities) 5 060 3 082 Unrecognized deferred tax asset (4 623) (3 082) Net Deferred tax assets/(liabilities) 31.12 437 - Deferred tax assets of 4 729 kEUR in 2022 (3 492 kEUR in 2021) relate to Norwegian limitations to interest deductions on net interest expenses. The interest subject to limitation must be utilized within ten years. Total deferred tax assets of 5 509 kEUR are not recognized as at 31 December 2022 (31 Dec 2021: 3 082 kEUR). Fiven Annual Report 2022 Financial statements 91
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