Income Statement Group

NOTE 23

TAX EXPENSE

Amounts in million NOK

Tax payable

Change in deferred tax

Total tax expense

Tax payable in balance

Amounts in million NOK

Tax payable

Prepaid tax

Tax payable in balance

Reconciliation effective tax rate

Tax on the Group’s pre-tax profit differs from the amount that would have resulted from application of the nominal taxation rate. Reconciliation of the nominal tax rate and the effective tax rate is shown below:

Amounts in million NOK

Pre-tax profit, incl. discontinued operations

Expected tax expense, 28% nominal tax rate

Non-deductible expenses

Value change in shares

Variance from different tax rates in subsidiaries

Total tax expense

Effective tax rate

The effective tax rate for 2012 was negatively affected by permanent variances as well as changes in variances which do not provide a basis for the calculation of deferred tax.