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INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of components of income tax expense (benefit)

The table below shows the components of income tax year ended December 31, 2023, 2022 and 2021:

(in thousands of $)						2023						2022						2021
Current income tax expense						(79)						(99)						(71)
Adjustments in respect of current income tax of previous years						1						1						(28)
Income tax expense reported in the income statement						(78)						(98)						(99)

Schedule of effective income tax rate reconciliation

A reconciliation between the tax expense and the product of the accounting profit multiplied by the Bermuda domestic tax rate for the year ended December 31, 2023, 2022 and 2021 is as follows:

(in thousands of $)						2023						2022						2021
Income before tax						120,117						188,140						162,304
Income tax at 0% (2022: 0% (2021: 0%))						—						—						—
Effect of higher foreign tax rates						(78)						(98)						(99)
Income tax expense at effective rate of 0.1% (2022: 0.1% (2021: 0.1%))						(78)						(98)						(99)

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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://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

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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://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

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