Note 7 Tax expenses Amounts in NOK million 2021 2020 This year’s tax expenses is related to: Income tax payable - 86.0 Adjustment to last year’s accrued income tax 0.1 -1.6 Change in deferred tax/deferred tax assets -69.5 1.3 Total tax expenses -69.4 85.7 Reconciliation of effective income tax rate Profit/(loss) before tax expenses -278.1 348.5 Expected tax expense with nominal tax rate of 25% -69.5 87.1 25 % of permanent differences 0.5 -2.7 25 % of interest expenses on AT1 capital 4.5 3.1 25% of temporary differences not impacting income tax payable -5.0 -0.3 Correction last year’s accrued income tax payable 0.1 -1.6 This years tax base -69.4 85.7 Effective tax rate 25% 25% Deferred tax payable/(deferred tax asset) in the balance sheet is related to the following temporary differences: Fixed assets -0.3 -0.9 Leasing agreements -1.0 -0.9 Certificates and bonds -14.7 4.8 Other receivables 6.4 -0.8 Accruals - - Tax losses carried forward -283.7 - Tax credits carried forward -0.3 - Total temporary differences -293.4 2.2 Tax rate 25% 25% Deferred tax payable/(deferred tax asset) in the balance sheet -73.4 0.5 Tax losses carried forward per 31 December 2021 is related to the Bank’s loss in 2021 and does not have any expiration date. Deferred tax asset is recognised in its entiity based on the assumption of future tax income. 62 Notes to the financial statements
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