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Notes to the Group’s Financial Statements

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Select note 1–41
21 Deferred tax assets and liabilities
Changes in deferred tax during the financial period 2015
EURm 1.1. Recognised in comprehensive income statement Recognised in equity Exchange differences 31.12.
Deferred tax assets
Tax losses carried forward 15 -0 - -0 15
Employee benefits 85 -50 -3 3 35
Other deductible temporary differences 8 -14 4 -1 -3
Total 107 -63 0 2 46
Netting of deferred taxes -12
Deferred tax assets in the balance sheet 35
Deferred tax liabilities
Depreciation differences and untaxed reserves 275 -21 - -3 251
Changes in fair values 231 4 -16 2 221
Other taxable temporary differences 19 12 -25 1 7
Total 526 -5 -41 -0 479
Netting of deferred taxes -12
Total deferred tax liabilities in the balance sheet 468
Changes in deferred tax during the financial period 2014
EURm 1.1. Recognised in comprehensive income statement Recognised in equity Exchange differences 31.12.
Deferred tax assets
Tax losses carried forward 15 0 - -0 15
Changes in fair values 66 -2 26 -5 85
Other deductible temporary differences -5 15 1 -2 8
Total 75 13 26 -7 107
Netting of deferred taxes -22
Deferred tax assets in the balance sheet 86
Deferred tax liabilities
Depreciation differences and untaxed reserves 294 -7 - -13 275
Changes in fair values 202 7 25 -3 231
Other taxable temporary differences 18 3 -0 -1 19
Total 514 3 25 -17 526
Netting of deferred taxes -22
Total deferred tax liabilities in the balance sheet 504
In Sampo plc, EURm 25 of deferred tax asset has not been recognised on unused tax losses. The first losses will expire in 2021.

In life insurance, EURm 3 of deferred tax asset has not been recognised on unused tax losses.