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PARENT COMPANY FINANCIAL STATEMENTS • 127
NOTES FOR THE
PARENT COMPANY
TAXATION
2.3
Income tax expense
DKK million
2016
2015
Current income tax charge
1,127
937
Adjustment concerning previous years
-4
569
Change in deferred tax
-15
-33
Total income tax expense
1,108
1,473
Tax reconciliation:
Profit before tax
5,950
5,161
Corporate tax rate in Denmark, 22% (2015: 23.5%)
1,309
1,213
Tax effect of:
Non-taxable income and non-deductible expenses
-197
-309
Adjustment concerning previous years
-4
569
Total income tax expense
1,108
1,473
Effective income tax rate
18.6%
28.5%
Tax from other comprehensive income
15
4
Deferred tax
DKK million
2016
2015
Deferred tax at 1 January
-283
-361
Change in deferred tax - recognised in income statement
17
23
Change in deferred tax - recognised in statement of other comprehensive income, hedging instruments
-15
-4
Change in deferred tax - recognised in statement of changes in equity, share-based payments
-29
59
Deferred tax at 31 December
-310
-283
Deferred tax liabilities
-310
-283
Deferred tax, net
-310
-283
Specification of deferred tax
Intangible assets
-595
-561
Property, plant and equipment
10
32
Other assets and liabilities
275
246
Deferred tax, net
-310
-283
Refer to note 2.5 to the consolidated financial statements for further information.