This excerpt taken from the STO 6-K filed May 30, 2007.
Income taxes in the first quarter of 2007 were NOK 17.0 billion, with a corresponding tax rate of 68.4%. Income taxes in the first quarter of 2006 were NOK 23.6 billion, equivalent to a tax rate of 68.6%.
The tax rate was somewhat reduced in the first quarter of 2007 compared with the first quarter of 2006. This was mainly due to a relatively higher impact from the uplift tax deduction on the NCS and net financial items, which are taxed at a lower rate than income from the NCS. On the other hand, these factors were mostly offset by lower effect of income generated outside the NCS.
This excerpt taken from the STO 20-F filed Mar 31, 2005.
13. INCOME TAXES
Net income before income taxes and minority interest consists of
Deferred taxes are classified as follows
A valuation allowance has been provided as Statoil believes that available evidence creates uncertainty as to the realizability of certain deferred tax assets. Statoil will continue to assess the valuation allowance and to the extent it is determined that such allowance is no longer required, the tax benefit of the remaining net deferred tax assets will be recognized in the future.
Revenue from oil and gas activities on the NCS is taxed according to the Petroleum tax law. This stipulates a surtax of 50 per cent after deducting uplift, a special investment tax credit, in addition to normal corporate taxation. Uplift credits are deducted as the credits arises, 5 per cent each year for six years, as from initial year of investment. Uplift credits not utilized of NOK 9.9 billion can be carried forward indefinitely.
At the end of 2004, Statoil had tax losses carry-forwards of NOK 3.8 billion, primarily in the US and Ireland. Only a minor part of the carry-forward amounts expire before 2019.