4.5.1.2Deferred tax assets
SBM Offshore N.V. is head of a fiscal unity in which all Dutch entities are included, except for the entities that are held by SBM Holding Inc. S.A. and the joint venture entities. For more details refer to note 4.4.3 General. The movement in deferred tax assets is as follows:
2024 | 2023 | ||
|---|---|---|---|
Deferred tax at 1 January | - | 3 | |
Deferred tax effect on unrecognized tax losses for current year | 1 | 2 | |
Provision for unrecognized losses carried forward (increase of valuation allowance) | (1) | - | |
Deferred tax effect on unrecognized tax losses in respect of prior year(s) | - | (5) | |
Foreign currency variations | - | 0 | |
Movements | - | (3) | |
Deferred tax at 31 December | - | - |
As of year-end 2024 the Company has re-assessed its recoverability of the deferred tax asset of the fiscal unity and increased the valuation allowance to cover the full deferred tax asset. As a result, no net deferred tax asset has been recognized (2023: nil).