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Deferred tax assets and liabilities
 12 Months Ended
Dec. 31, 2023
Text block [abstract]  
Deferred tax assets and liabilities
17. Deferred tax assets and liabilities
The amount of deferred tax assets and liabilities by type of temporary difference can be detailed as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
               
 
  
  
 
  
2023
 
  
  
 
  
 
 
  
  
 
  
2022
 
  
  
 
               
Million US dollar
  
Assets
 
  
Liabilities
 
  
Net
 
  
 
 
  
Assets
 
  
Liabilities
 
  
Net
 
 
  
      
  
      
  
      
  
      
  
      
  
      
  
      
Property, plant and equipment
  
 
230
  
  
 
(2 115)
 
  
 
(1 885)
 
  
      
  
 
191
 
  
 
(2 071)
 
  
 
(1 880)
 
Intangible assets
  
 
143
  
  
 
(9 661)
 
  
 
(9 518)
 
  
      
  
 
89
 
  
 
(9 582)
 
  
 
(9 492)
 
Inventories
  
 
108
  
  
 
(78)
 
  
 
30
  
  
      
  
 
102
 
  
 
(90)
 
  
 
12
 
Trade and other receivables
  
 
43
  
  
 
-
 
  
 
43
  
  
      
  
 
51
 
  
 
-
 
  
 
51
 
Interest-bearing loans and borrowings
  
 
671
  
  
 
(451)
 
  
 
220
  
  
      
  
 
852
 
  
 
(657)
 
  
 
195
 
Employee benefits
  
 
431
  
  
 
(8)
 
  
 
423
  
  
      
  
 
433
 
  
 
(9)
 
  
 
423
 
Provisions
  
 
648
  
  
 
(44)
 
  
 
604
  
  
      
  
 
533
 
  
 
(56)
 
  
 
477
 
Derivatives
  
 
71
  
  
 
(17)
 
  
 
54
  
  
      
  
 
51
 
  
 
(61)
 
  
 
(10)
 
Other items
  
 
487
  
  
 
(1 180)
 
  
 
(693)
 
  
      
  
 
532
 
  
 
(1 166)
 
  
 
(634)
 
Loss carry forwards
  
 
1 782
 
  
 
-
 
  
 
1 782
 
  
      
  
 
1 341
 
  
 
-
 
  
 
1 341
 
Gross deferred tax assets/(liabilities)
  
 
4 614
 
  
 
(13 553)
 
  
 
(8 939)
 
  
      
  
 
4 175
 
  
 
(13 693)
 
  
 
(9 518)
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
      
  
 
 
 
  
 
 
 
  
 
 
 
Netting by taxable entity
  
 
(1 679)
 
  
 
1 679
 
  
 
-
 
  
      
  
 
(1 874)
 
  
 
1 874
 
  
 
-
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
      
  
 
 
 
  
 
 
 
  
 
 
 
Net deferred tax assets/(liabilities)
  
 
2 935
 
  
 
(11 874)
 
  
 
(8 939)
 
  
      
  
 
2 300
 
  
 
(11 818)
 
  
 
(9 518)
 
The change in net deferred taxes recorded in the consolidated statement of financial position can be detailed as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
Million US dollar
  
2023
 
 
   2022
 
 
   2021
 
 
  
      
 
      
 
      
Balance at 1 January
  
 
(9 518
) 
 
 
(10 235
) 
 
 
(10 607
) 
Recognized in profit or loss
  
 
689
  
 
 
701
  
 
 
348
  
Recognized in other comprehensive income
  
 
(54
) 
 
 
(177
) 
 
 
(167
)
Other movements and effect of changes in foreign exchange rates
  
 
(56
) 
 
 
193
  
 
 
190
  
Balance at 31 December
  
 
(8 939
) 
 
 
(9 518
) 
 
 
(10 235
) 
Most of the temporary differences are related to t
he
fair value adjustment on intangible assets with indefinite useful lives and property, plant and equipment acquired through business combinations. The realization of the temporary differences on intangible assets acquired through business combinations is unlikely to revert within 12 months as they would be realized upon impairment or disposal of these intangibles which is currently not expected. The net deferred tax liabilities attributable to the US business and mainly related to purchase price accounting amount to 6.3 billion US dollar as of 31 December 2023.
As of 31 December 2023, deferred taxes of 12.1 billion US dollar (31 December 2022:
11.0
billion US dollar) were not recognized on a series of tax attributes. The tax attributes for which no deferred tax asset was recognized amount to
48.7
billion US dollar compared to 44.5 billion US dollar as of 31 December 2022 and include tax losses carry forward either confirmed or resulting from tax positions under dispute, capital losses, foreign and withholding tax credits, excess dividend received deduction, excess interest carry forward, amongst others. 46.2 billion US dollar of these tax attributes do not have an expiration date, 0.2 billion US dollar and 0.1 billion US expire within respectively 1 and 2 years, while 2.2 billion US dollar have an expiration date of more than 3 years. Additionally, we have historical uncertain attributes without expiration
 
date amounting to
16.2
billion US dollar for which no deferred tax asset was recognized. Deferred tax assets have not been recognized on these items because these are either contingent assets subject to conclusion of tax disputes or it is not probable that future taxable profits will be available against which these tax losses and deductible temporary differences can be utilized and the company has no tax planning strategy currently in place to utilize these tax losses and deductible temporary differences.