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Note 13 - Tax

 GroupParent Company
SEK m2020201920202019
Current tax expense/income    
Tax expense/income for the year-96-69-59-65
Tax adjustment attributable to previous years -14-29 -16-61
Total -110-98 -75-126
Deferred tax expense/income    
Deferred tax attributable to temporary differences 69-45 -25
Total 69-45 -25
Total recognised tax expense -41-143-77-121
     
 GroupParent Company
SEK m2020201920202019
Profit before tax82748333318
Tax calculated at 21.40% (Swedish) tax rate -18-160-71-68
Effect of different tax rates in different countries 93800
Adjustment related to change in tax rate -3-0-
Non-taxable revenue 17436511
Non-deductible expenses -26-34 -55-11
Adjustments with reference to previous years -14-29 -16-61
Utilisation of previously uncapitalised loss carry-forwards 04 --
Decrease in capitalised loss carry-forwards not expected to be utilised -6-9 --3
Other 04 011
Total tax expense -41-143-77-121

The Group’s effective tax rate was 50 per cent (19) at 31 December 2020.

In 2020, current tax on items recognised directly in equity in the Group totalled SEK 2m (-). Other comprehensive income includes tax in an amount of SEK -3m (27) 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 202031 Dec 201931 Dec 202031 Dec 2019
Deferred tax    
Deferred tax assets973212
Deferred tax liabilities -141-150 -3 -2
Total -44-118 -20

 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
Other21-95-320
Total-11846901-44

 Group 31 Dec 2019
SEK mOpening balanceIncome statementOther comprehensive incomeTranslation differencesClosing balance
Change in deferred tax     
Loss carry-forwards93-012
Joint ventures-382 -0-36
Defined-benefit pension schemes and other employee benefits4105
Acquired loan portfolios-624 --4-62
Untaxed reserves-46-12 - --58
Other-3348 -621
Total-1654512-118

The Group’s deferred tax assets attributable to loss carry-forwards are expected to be fully utilised during the next five 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 2020 -
- Årsredovisning 2020 -