DSV Annual Report 2022
75
DSV Annual Report 2022
Consolidated financial statements 2022
= III
5.2 Deferred tax
Accounting policies
Deferred tax is recognised based on temporary differences between the
carrying amount and the tax value of assets and liabilities. No recognition is
made of deferred tax on temporary differences relating to amortisation or
depreciation of goodwill, properties and other items if disallowed for tax
purposes, except at the acquisition of enterprises, if such temporary differ-
ences arose on the date of acquisition without affecting the results or the
taxable income. In cases where it is possible to calculate the tax value ac-
cording to different taxation rules, deferred tax is measured on the basis of
the planned use of the asset or the settlement of the liability.
Deferred tax assets, including the tax base of tax loss carryforwards, are
recognised as other non-current assets at the expected value of their utili-
sation, either by elimination in tax on future earnings or by offsetting de-
ferred tax liabilities within the same legal tax entity and jurisdiction.
Deferred tax assets and tax liabilities are offset if the enterprise has a legally
enforceable right to set off current tax liabilities and tax assets or intends
either to settle current tax liabilities and tax assets on a net basis or to
realise the assets and liabilities simultaneously.
Deferred tax is adjusted for elimination of unrealised intra-group gains and
losses. Deferred tax is measured on the basis of the tax rules and tax rates
of the relevant countries that will be effective under current legislation at
the reporting date on which the deferred tax is expected to materialise as
current tax.
Management judgements and estimates
Management applies significant estimates when recognising and measuring
deferred tax assets and uncertain tax positions.
Deferred tax assets, including the tax base of tax loss carryforwards, are
recognised if it is assessed that there will be sufficient future taxable in-
come against which the temporary differences and unutilised tax losses can
be utilised. This assessment is based on budgets and business plans for the
following years, including planned business initiatives. Deferred tax assets
are tested annually and are only recognised if it is probable that future taxa-
ble profit will allow the deferred tax asset to be recovered.
Uncertain tax positions include ongoing disputes with tax authorities and
have been provided for in accordance with the accounting policies. Man-
agement believes that the provisions made are adequate. The actual obliga-
tions may deviate as they depend on the result of litigations and settlements
with the relevant tax authorities.
Deferred tax recognised
in the balance sheet (DKKm)
Deferred tax at 1 January
Deferred tax for the year
2022
3,097
2021
2,293
302
220
Tax adjustment relating to previous years
(74)
(337)
(430)
675
Additions from business combinations
79
456
Currency translation
36
(47)
Other adjustments
(20)
(163)
Deferred tax at 31 December
2,990
3,097
Tax on changes in equity
Deferred tax not recognised
in the balance sheet (DKKm)
Temporary differences
Tax loss carryforwards
Total tax assets not recognised
2022
2021
29
(58)
853
1,220
882
1,162
Of not recognised tax loss carryforwards, DKK 574 million (2021: DKK 795
million) may be carried forward indefinitely.View entire presentation