Note 13 - Tax
| Group | Parent Company | |||
| SEK m | 2021 | 2020 | 2021 | 2020 |
| Current tax expense/income | ||||
| Tax expense/income for the year | -149 | -96 | -136 | -59 |
| Tax adjustment attributable to previous years | 1 | -14 | 1 | -16 |
| Total | -148 | -110 | -135 | -75 |
| Deferred tax expense/income | ||||
| Deferred tax attributable to temporary differences | 70 | 69 | 8 | -2 |
| Total | 70 | 69 | 8 | -2 |
| Total recognised tax expense | -78 | -41 | -127 | -77 |
| Group | Parent Company | |||
| SEK m | 2021 | 2020 | 2021 | 2020 |
| Profit before tax | -39 | 82 | 74 | 333 |
| Tax calculated at 20.60% (21.40) (Swedish) tax rate | 8 | -18 | -15 | -71 |
| Effect of different tax rates in different countries | 16 | 9 | 0 | 0 |
| Adjustment related to change in tax rate | 0 | -3 | 0 | 0 |
| Non-taxable revenues | 49 | 17 | 11 | 65 |
| Non-deductible expenses | -47 | -26 | -22 | -55 |
| Adjustments with reference to previous years | 1 | -7 | 2 | -9 |
| Utilisation of previously uncapitalised loss carry-forwards | 3 | 0 | 0 | - |
| Increase in loss carry-forwards without corresponding activation of deferred tax | -20 | -6 | - | - |
| Tax related to tax matters 1) | -102 | -7 | -102 | -7 |
| Other | 14 | 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.
| Group | Parent Company | |||
| SEK m | 31 Dec 2021 | 31 Dec 2020 | 31 Dec 2021 | 31 Dec 2020 |
| Deferred tax | ||||
| Deferred tax assets | 160 | 97 | 7 | 1 |
| Deferred tax liabilities | -127 | -141 | 0 | -3 |
| Deferred tax in equity | -122 | -115 | - | - |
| Total | -89 | -159 | 7 | -2 |
| Group 31 Dec 2021 | |||||
| SEK m | Opening balance | Income statement | Other comprehensive income | Translation differences | Closing balance |
| Change in deferred tax | |||||
| Loss carry-forwards | 72 | 53 | - | 5 | 130 |
| Joint ventures | -30 | 1 | - | 0 | -29 |
| Acquired loan portfolios | -47 | 14 | - | 0 | -33 |
| Untaxed reserves | -59 | -2 | - | - | -61 |
| Hedge reserve | -115 | -7 | - | - | -122 |
| Other | 20 | 11 | - | -5 | 26 |
| Total | -159 | 70 | - | 0 | -89 |
| group 31 Dec 2020 | ||||||
| SEK m | Opening balance | Reclassification | Income statement | Other comprehensive income | Translation differences | Closing balance |
| Change in deferred tax | ||||||
| Loss carry-forwards | 12 | 11 | 53 | - | -4 | 72 |
| Joint ventures | -36 | - | 3 | - | 3 | -30 |
| Defined-benefit pension schemes and other employee benefits | 5 | -5 | - | 0 | 0 | 0 |
| Acquired loan portfolios | -62 | 7 | 9 | - | -1 | -47 |
| Untaxed reserves | -58 | - | -1 | - | - | -59 |
| Hedge reserve | -119 | 4 | - | - | - | -115 |
| Other | 21 | -9 | 5 | - | 3 | 20 |
| Total | -237 | 8 | 69 | 0 | 1 | -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.