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TAXATION (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Components of income tax expense (benefit)

The components of income tax expense are as follows:

(in thousands of $)	2016			2015			2014
Current tax expense:
U.K.	712			435			2,212
Norway	272			—			—
Croatia	45			—			—
Malaysia	6			—			—
Total current tax expense	1,035			435			2,212
Deferred tax expense:
U.K.	90			—			161
Amortization of tax benefit arising on intra-group transfers of long-term assets	(1,714	)		(3,488	)		(3,487	)
Total income tax benefit	(589	)		(3,053	)		(1,114	)

Schedule of effective income tax rate reconciliation

The income taxes for the years ended December 31, 2016, 2015 and 2014 differed from the amount computed by applying the Bermuda statutory income tax rate of 0% as follows:

	Year ended December 31
(in thousands of $)	2016			2015			2014
Income taxes at statutory rate	—			—			—
Effect of deferred tax benefit on intra-group transfers of long-term assets	(1,714	)		(3,488	)		(3,487	)
Effect of movement in other deferred tax balances	90			—			—
Effect of adjustments in respect of current tax in prior periods	(334	)		(330	)		1,411
Effect of taxable income in various countries	1,369			765			962
Total tax credit	(589	)		(3,053	)		(1,114	)

Deferred income tax assets

Deferred income tax assets are summarized as follows:

(in thousands of $)	2016			2015
Deferred tax assets, gross	4			260

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- References

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- Definition

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=65882285&loc=d3e32639-109319

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- Definition

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=65882285&loc=d3e32537-109319

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- Definition

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=65882285&loc=d3e32687-109319

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