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Income taxes | 12 Months Ended
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Dec. 31, 2020
Major components of tax expense (income) [abstract] |
Income taxes | 19. Income taxes Total income tax expense consists of:
| December 31, 2020 |  | December 31, 2019
Current tax expense | $ | 88,575 |  |  | $ | 56,350 |
Deferred tax recovery | (9,441) |  |  | (16,579) |
| $ | 79,134 |  |  | $ | 39,771 |
19. Income taxes (continued) Total income tax expense attributable to each geographical jurisdiction for the Company is as follows:
| 2020 |  |  | 2019 |
Turkey | $ | 65,815 |  |  | $ | 57,518 |
Canada | 23,122 |  |  | (2,727) |
Greece | (8,763) |  |  | (14,306) |
Romania | (6,081) |  |  | (1,110) |
Brazil | 5,041 |  |  | 249 |
Other jurisdictions | — |  |  | 147 |
| $ | 79,134 |  |  | $ | 39,771 |
The key factors affecting income tax expense for the years are as follows:
| 2020 |  | 2019
Earnings from continuing operations before income tax | $ | 176,495 |  |  | $ | 113,456 |
Canadian statutory tax rate | 27% |  | 27%
Tax expense on net earnings at Canadian statutory tax rate | $ | 47,654 |  |  | $ | 30,633 |
Items that cause an increase (decrease) in income tax expense: |  |  |
Foreign income subject to different income tax rates than Canada | (20,875) |  |  | (24,608) |
Reduction in Greek income tax rate | — |  |  | (7,243) |
Turkish investment tax credits | (21,669) |  |  | — |
Québec mineral tax | 10,712 |  |  | 63 |
Non-tax effected operating losses | 25,598 |  |  | 16,231 |
Non-deductible expenses and other items | 7,400 |  |  | 13,514 |
Foreign exchange and other translation adjustments | 22,798 |  |  | 13,382 |
Future and current withholding tax on foreign income dividends | 8,705 |  |  | (5,278) |
Other | (1,189) |  |  | 3,077 |
Income tax expense | $ | 79,134 |  |  | $ | 39,771 |
19. Income taxes (continued) The change in the Company’s net deferred tax position was as follows:
| 2020 |  | 2019
Net deferred income tax liability |  |  |
Balance at January 1, | $ | 412,717 |  |  | $ | 429,929 |
Deferred income tax recovery in the statement of operations | (9,441) |  |  | (16,579) |
Deferred tax recovery in the consolidated statement of OCI | (563) |  |  | (633) |
Balance at December 31, | $ | 402,713 |  |  | $ | 412,717 |
The composition of the Company’s net deferred income tax assets and liabilities and deferred tax expense (recovery) is as follows:
Type of temporary difference | Deferred tax assets | Deferred tax liabilities | Recovery
| 2020 | 2019 | 2020 | 2019 | 2020 | 2019
Property, plant and equipment | $ | — |  | $ | — |  | $ | 458,622 |  | $ | 498,384 |  | $ | (39,762) |  | $ | 14,823 |
Loss carryforwards | 33,587 |  | 42,079 |  | — |  | — |  | 8,492 |  | (4,834) |
Liabilities | 35,794 |  | 31,793 |  | 7,680 |  | 2,545 |  | 1,697 |  | (1,927) |
Future withholding taxes | — |  | — |  | 6,234 |  | — |  | 6,234 |  | (20,000) |
Other items | 15,930 |  | 24,346 |  | 15,488 |  | 10,006 |  | 13,898 |  | (4,641) |
Balance at December 31, | $ | 85,311 |  | $ | 98,218 |  | $ | 488,024 |  | $ | 510,935 |  | $ | (9,441) |  | $ | (16,579) |
Unrecognized deferred tax assets | 2020 |  | 2019
Tax losses | $ | 181,667 |  |  | $ | 169,498 |
Other deductible temporary differences | 39,394 |  |  | 30,242 |
| $ | 221,061 |  |  | $ | 199,740 |
Unrecognized tax losses The Company recognizes the benefit of tax losses only to the extent of anticipated future taxable income that can be reduced by the tax losses. Cumulative losses with a deferred tax benefit of $181,667 (2019 – $169,498) have not been recognized. The gross amount of tax losses for which no deferred tax asset was recognized expire as follows:
| 2020 | Expiry date |  | 2019 | Expiry date
Canadian net operating loss carryforwards | $ | 512,102 |  | 2025-2040 |  | $ | 487,229 |  | 2025-2039
Canadian capital losses | $ | 65,836 |  | none |  | $ | 63,483 |  | none
Greek net operating loss carryforwards | $ | 140,196 |  | 2021-2025 |  | $ | 98,395 |  | 2020-2024
Brazilian net operating loss carryforwards | $ | 2,421 |  | none |  | $ | 31,128 |  | none
19. Income taxes (continued) Deductible temporary differences At December 31, 2020 the Company had deductible temporary differences for which deferred tax assets of $39,394 (2019 – $30,242) have not been recognized because it is not probable that future taxable profits will be available against which the Company can utilize the benefits. The vast majority of these temporary benefits have no expiry date. Temporary differences associated with investments in subsidiaries The Company has not recognized deferred tax liabilities in respect of historical unremitted earnings of foreign subsidiaries for which we are able to control the timing of the remittance and are considered reinvested for the foreseeable future. At December 31, 2020, these earnings amount to $927,295 (2019 – $788,917). Substantially all of these earnings would be subject to withholding taxes if they were remitted by the foreign subsidiaries. Other factors affecting taxation During 2020 the Turkish Lira weakened, resulting in a deferred income tax expense during the year of $12,609 (2019 – $8,099) due to the decrease in the value of the future tax deductions associated with the Turkish operations. The Company expects that any future significant foreign exchange movements in the Turkish Lira, Euro or Brazilian Real in relation to the U.S. dollar could cause significant volatility in the deferred income tax expense or recovery.

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