Note 7 Tax expenses Amounts in NOK million 2022 2021 This year’s tax expenses is related to: Income tax payable -0.2 - Adjustment to last year’s accrued income tax payable - -0.1 Change in deferred tax/deferred tax assets -0.5 69.5 Total tax expenses -0.6 69.4 Reconciliation of effective income tax rate Profit/(loss) before tax expenses 1.6 -278.1 Expected tax expense with nominal tax rate of 25% -0.4 69.5 25 % of permanent differences 6.3 -0.5 25 % of interest expenses on AT1 capital -4.9 -4.5 25% of temporary differences not impacting income tax payable -1.6 5.0 Correction last year’s accrued income tax payable - -0.1 Total tax expenses -0.6 69.4 Effective tax rate -39% -25% Deferred tax (+)/ deferred tax asset (-) in the balance sheet is related to the following temporary differences: Fixed assets -0.4 -0.3 Leasing agreements -2.5 -1.0 Certificates and bonds -8.5 -14.7 Other receivables - 6.4 Accruals -0.6 - Tax losses carried forward -299.0 -283.7 Tax credit carried forward -0.6 -0.3 Total temporary differences -311.0 -293.8 Tax rate 25% 25% Deferred tax (+)/ deferred tax asset (-) in the balance sheet -77.9 -73.4 The carried forward loss is related to the negative result in 2021 and has no expiration date. The deferred tax asset is recognized in full based on the bank’s expectation that the carried forward loss will be utilized within the forecast period approved by the Board. Komplett Bank / Annual Report 2022 63
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