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INCOME TAXES

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

INCOME TAXES

9. INCOME TAXES

The components of income tax expense are as follows:

			Year ended December 31
(in thousands of $)			2019						2018						2017
Current tax expense			906						836						1,478
Deferred tax expense			118						431						27
Total income tax expense			1,024						1,267						1,505

The income taxes for the years ended December 31, 2019, 2018 and 2017 differed from the amount computed by applying the Bermuda statutory income tax rate of 0% as follows:

			Year ended December 31
(in thousands of $)			2019						2018						2017
Effect of movement in deferred tax balances			118						431						27
Effect of adjustments in respect of current tax in prior periods			86						(369)						(5)
Effect of taxable income in various countries			820						1,205						1,483
Total tax expense			1,024						1,267						1,505

Jurisdictions open to examination

The earliest tax years that remain subject to examination by the major taxable jurisdictions in which we operate are: 2018 (UK) and 2015 (Norway).

Deferred taxes

Deferred income taxes reflect the impact of temporary differences between the amount of assets and liabilities recognized for financial reporting purposes and such amounts recognized for tax purposes and pension.

As of December 31, 2019, we have deferred tax assets of $1.1 million and deferred tax liabilities of $1.7 million.

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- References

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- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

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