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TAXATION (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Components of income tax expense (benefit)

The components of income tax (credit) expense are as follows:

(in thousands of $)	2014			2013			2012
Current tax (credit) expense:
U.K.	2,212			(27	)		2,101
Indonesia	—			—			6,828
Brazil	—			—			1,002
Total current (credit) tax expense	2,212			(27	)		9,931
Deferred tax expense:
U.K.	161			110			91
Amortization of tax benefit arising on intra-group transfers of long-term assets (see note 30)	(3,487	)		(3,487	)		(7,257	)
Total income tax (credit) expense	(1,114	)		(3,404	)		2,765

Deferred income tax assets

Deferred income tax assets are summarized as follows:

(in thousands of $)	2014		2013
Deferred tax assets, gross and net (see note 26)	260		421

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The income taxes for the years ended December 31, 2014, 2013 and 2012 differed from the amount computed by applying the Bermuda statutory income tax rate of 0% as follows:

		Year ended December 31
(In thousands of $)		2014			2013			2012
Income taxes at statutory rate		—			—			—
Effect of deferred tax benefit on intra-group transfers of long-term assets		(3,487	)		(3,487	)		(7,257	)
Effect of adjustments in respect of current tax in prior periods		1,411			(188	)		953
Effect of taxable income in various countries		962			271			9,069
Total tax (credit) expense		(1,114	)		(3,404	)		2,765

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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