AAK Annual Report 2020

AAK Annual Report 2020 93 Tax expenses for the year Group Parent 2020 2019 2020 2019 Current tax -416 -587 0 -3 Deferred tax -43 89 0 2 Total -459 -498 0 -1 Determination of the current tax expense The Group’s weighted average underlying tax rate is approximately 24–25 percent. The Group’s weighted average tax rate for 2020, based on the tax rates in each of the various countries involved, was 24 percent. The tax rate in Sweden is 21.4 percent (21.4). Group Parent 2020 2019 2020 2019 Profit before taxes 2,040 2,011 -39 1,474 Weighted average tax rate based on the tax rates in each country -424 -442 8 -315 Tax effect of non-deductible expenses -24 -19 -8 -3 Tax effect of tax-exempt income 33 7 - 317 Effect of deficit deductions not carried forward -34 -45 - - Effect of tax rate changes 6 5 - - Adjustment for current tax for previous years -16 -4 - - Tax expense -459 -498 0 -1 Note 11 | Tax expenses