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Note 13 - Tax

 GroupParent Company
SEK m2021202020212020
Current tax expense/income  
Tax expense/income for the year-149-96-136-59
Tax adjustment attributable to previous years1 -141 -16
Total-148 -110-135 -75
Deferred tax expense/income  
Deferred tax attributable to temporary differences70 698 -2
Total70 698 -2
Total recognised tax expense-78 -41-127-77
   
 GroupParent Company
SEK m2021202020212020
Profit before tax-398274333
Tax calculated at 20.60% (21.40) (Swedish) tax rate8 -18-15-71
Effect of different tax rates in different countries16 900
Adjustment related to change in tax rate0 -300
Non-taxable revenues49 171165
Non-deductible expenses-47 -26-22 -55
Adjustments with reference to previous years1 -72 -9
Utilisation of previously uncapitalised loss carry-forwards3 00 -
Increase in loss carry-forwards without corresponding activation of deferred tax-20 -6- -
Tax related to tax matters 1)-102-7-102-7
Other14 0-1 0
Total tax expense-78 -41-127-77

1) For more information, see Administration report section "Significant risks and uncertainties".

The Group’s effective tax rate was 204 per cent (50) at 31 December 2021.

In 2021, no current tax on items was recognised directly in equity in the Group (SEK 2m). Other comprehensive income includes tax in an amount of SEK 9m (-3) related to hedging of currency risk in foreign operations, a revaluation of defined-benefit pension plans and a revalution of post-service remuneration.

 GroupParent Company
SEK m31 Dec 202131 Dec 202031 Dec 202131 Dec 2020
Deferred tax  
Deferred tax assets1609771
Deferred tax liabilities-127-1410-3
Deferred tax in equity-122 -115- -
Total-89 -1597 -2

 Group 31 Dec 2021
SEK mOpening balanceIncome statementOther comprehensive incomeTranslation differencesClosing balance
Change in deferred tax    
Loss carry-forwards7253-5130
Joint ventures-301-0-29
Acquired loan portfolios-4714-0-33
Untaxed reserves-59-2---61
Hedge reserve-115-7---122
Other2011--526
Total-15970-0-89

 group 31 Dec 2020
SEK mOpening balanceReclassificationIncome statementOther comprehensive incomeTranslation differencesClosing balance
Change in deferred tax   
Loss carry-forwards121153--472
Joint ventures-36-3-3-30
Defined-benefit pension schemes and other employee benefits5-5-000
Acquired loan portfolios-6279--1-47
Untaxed reserves-58--1---59
Hedge reserve-1194----115
Other21-95-320
Total-23786901

-159

The Group’s deferred tax assets attributable to loss carry-forwards are expected to be fully utilised during the next six years. Deferred tax assets are only reported as a tax loss carry-forwards to the extent that a related tax benefit is likely to be realised.

Deferred tax assets and liabilities are offset to the extent there is a legal right to offset current tax assets against current tax liabilities and when the deferred taxes relate to the same tax authority.

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- Annual Report 2021 -
- Årsredovisning 2021 -