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Income taxes
 12 Months Ended
Dec. 31, 2021
Major components of tax expense (income) [abstract]  
Income taxes 21. Income taxes
Total income tax expense consists of:
December 31, 2021December 31, 2020
Current tax expense$90,174 $88,575 
Deferred tax expense (recovery)49,796 (6,214)
$139,970 $82,361 

Income tax expense (recovery) attributable to each geographical jurisdiction for the Company is as follows:
2021 2020 
Turkey$93,144 $68,793 
Canada36,622 28,412 
Greece8,307 (8,763)
Romania 1,897 (6,081)
$139,970 $82,361 

The key factors affecting income tax expense for the years are as follows:
20212020
Earnings from continuing operations before income tax$151,066 $206,328 
Canadian statutory tax rate27%27%
Tax expense on net earnings at Canadian statutory tax rate$40,788 $55,709 
Items that cause an increase (decrease) in income tax expense:
Foreign income subject to different income tax rates than Canada(13,618)(21,893)
Reduction in Greek income tax rate(11,434)— 
Increase in Turkish income tax rate6,150 — 
Turkish investment tax credits(47,394)(21,669)
Québec mineral tax12,089 12,389 
Non-tax effected operating losses9,734 26,040 
Non-deductible expenses and other items33,413 7,400 
Flow-through share renouncement 6,397 — 
Impairment and write-down of Stratoni assets13,359 — 
Turkish inflation adjustment exemption benefit(10,761)— 
Foreign exchange related to the weakening of the Turkish Lira77,254 18,295 
Foreign exchange and other translation adjustments16,292 (1,426)
Future and current withholding tax on foreign income dividends7,655 8,705 
Other46 (1,189)
Income tax expense$139,970 $82,361 
21. Income taxes (continued)
On May 18, 2021, the Greek government enacted new tax law provisions to reduce the corporate income tax rate from 24% to 22%. The Greek corporate tax rate reduction will be effective retroactively from January 1, 2021 and onwards. The opening deferred tax liability and the deferred tax expense for the year ended December 31, 2021 were reduced by $11,434 due to the tax rate reduction.
On April 16, 2021, an increase in the corporate income tax rate in Turkey was enacted. The corporate income tax rate was 20% at the beginning of 2021, and upon enactment increased to 25% for 2021, 23% for 2022 and will return to 20% for 2023 onwards. The increase was effective on July 1, 2021 with retroactive application to January 1, 2021. The opening deferred tax liability and the deferred tax expense for the year ended December 31, 2021 were increased by $6,150 due to the tax rate increase.
The change in the Company’s net deferred tax position was as follows:
20212020
Net deferred income tax liability
Balance at January 1,$414,554 $416,291 
Deferred income tax expense (recovery) in the statement of operations49,796 (6,214)
Deferred tax assets from acquisition of QMX Gold Corporation(14,122)— 
Deferred tax expense related to discontinued operations— 5,040 
Deferred tax impact on disposition of Tocantinzinho
(11,010)— 
  Deferred tax recovery in the consolidated statement of OCI (23)(563)
Balance at December 31,$439,195 $414,554 

The composition of the Company’s net deferred income tax assets and liabilities and deferred tax expense (recovery) is as follows:
Type of temporary differenceDeferred tax assetsDeferred tax liabilitiesExpense (Recovery)
202120202021202020212020
Property, plant and equipment$— $— $490,868 $470,500 $37,727 $(32,891)
Loss carryforwards19,166 33,587 — — 22,206 7,325 
Liabilities34,012 35,794 — 10,070 (5,909)1,647 
Future withholding taxes— — — 6,234 (6,234)6,234 
Other items6,882 15,930 8,387 13,061 2,006 11,471 
Balance at December 31,$60,060 $85,311 $499,255 $499,865 $49,796 $(6,214)

Unrecognized deferred tax assets20212020
Tax losses$192,880 $181,667 
Other deductible temporary differences85,142 39,394 
$278,022 $221,061 
21. Income taxes (continued)
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 $192,880 (2020 – $181,667) have not been recognized. The gross amount of tax losses for which no deferred tax asset was recognized expire as follows:
2021Expiry date2020Expiry date
Canadian net operating loss carryforwards$490,774 2026-2041$512,102 2025-2040
Canadian capital losses240,081 none65,836 none
Greek net operating loss carryforwards125,401 2022-2026140,196 2021-2025
Brazilian net operating loss carryforwardsNilnone2,421 none

Deductible temporary differences
At December 31, 2021 the Company had deductible temporary differences for which deferred tax assets of $85,142 (2020 – $39,394) 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, 2021, these earnings amount to $1,032,084 (2020 – $927,295). Substantially all of these earnings would be subject to withholding taxes if they were remitted by the foreign subsidiaries.
Other factors affecting taxation
During 2021 deferred tax expense of $54,587 (2020 - $10,636) was recognized due to the net decrease in the value of future tax deductions as a result of foreign exchange movements. Of this expense, $37,126 was due to movements in the Turkish Lira, which weakened significantly at the end of 2021, and $12,930 was due to the weakening of the Euro through 2021. The Company expects that any future significant foreign exchange movements in the Turkish Lira or Euro in relation to the U.S. dollar could cause significant volatility in the deferred income tax expense or recovery.