15. Income tax

Income tax declared in the profit and loss statementperiod ended 31/12/2013period ended 31/12/2012
Reconciliation of effective tax rate
Consolidated profit (loss) before tax  74,591 79,491
Statutory tax rate (average) 20.58% 18.72%
Tax at statutory rate 15,351 14,881
Tax effect of permanent differences between profit/loss before tax and the tax base 440 5,002
Use of tax losses from previous periods 5,486 3,079
Deferred tax assets from tax losses in 2012 114 -
Other 151 392
Tax expense in the profit and loss account 9,388 6,408
Current income tax 4180 669
Deferred income tax 5,208 5,739
Effective tax rate 12.59% 8.06%

Current income tax in the profit and loss account period ended 31/12/2013 period ended 31/12/2012
Consolidated profit (loss) before tax  74,591 79,491
Differences between the profit (loss) before tax and the tax base, of which: 38,955 76,181
- Non-deductible costs 76,491 18,536
- Non-taxable income 97,507 54,232
- Taxable income (not recognised directly in profit or loss) 20,425 15250
- Deductible costs (not recognised directly in profit or loss) 38,364 55,735
Income / (Loss) 35,636 3310
Exempt income (dividend) - 802
Settlement of tax losses for previous periods 12,239 6,245
Income / (Loss) after deductions 23,397 3,737
Tax revenue 39,027 6,601
Tax loss 15630 10,338
Current income tax according to the tax rate 4,133 1,197
Increases, waivers, reliefs, reductions in income tax 47 528
Current income tax in the profit and loss account 4180 669

Deferred income tax in the profit and loss account period ended 31/12/2013 period ended 31/12/2012
Temporary differences 5,094 6,786
Deferred tax on tax loss 114 1,047
Deferred income tax in the profit and loss account 5,208 5,739

Deferred income tax in other comprehensive income from:note period ended 31/12/2013 period ended 31/12/2012
Valuation of hedging instruments 35 380 973
Valuation of assets available for sale and other assets 36 216 348
Valuation of provisions for pensions and similar benefits 37 25 -
Deferred income tax in other comprehensive income 571 1,321

The tax is calculated based on the tax rates applicable in the given financial year, in the Impexmetal Group Companies.

The tax authorities in the country in accordance with their competence may carry out checks and verify records of business transactions recorded in accounting books within five years from the end of the tax year in which the tax declarations/statements were made and the financial result of operations was established. In the absence of unambiguous tax rules and interpretive positions of the tax authorities, these phenomena may charge additional tax, interest and penalty tax.