Notes to the Group’s Financial Statements

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21 Deferred tax assets and liabilities
Changes in deferred tax during the financial period 2013
EURm	1.1.	Recognised in comprehensive income statement	Recognised in equity	Exchange differences	31.12.
Deferred tax assets
Tax losses carried forward	18	-3	0	-0	15
Changes in fair values	0	0	0	0	0
Employee benefits	65	-1	7	-5	65
Other deductible temporary differences	0	-2	4	-5	-2
Total	83	-6	11	-10	78
Netting of deferred taxes					-10
Deferred tax assets in the balance sheet					68
Deferred tax liabilities
Depreciation differences and untaxed reserves	337	-26	-0	-17	293
Changes in fair values	197	-23	28	-0	202
Other taxable temporary differences	13	10	-1	0	22
Total	547	-40	27	-17	518
Netting of deferred taxes					-10
Total deferred tax liabilities in the balance sheet					508
Changes in deferred tax during the financial period 2012
EURm	1.1.	Recognised in comprehensive income statement	Recognised in equity	Exchange differences	31.12.
Deferred tax assets
Tax losses carried forward	19	-0	0	-0	18
Changes in fair values	0	-0	0	0	-0
Employee benefits	84	-10	-13	4	65
Other deductible temporary differences	29	-28	2	2	5
Total	132	-38	-11	6	88
Netting of deferred taxes					-10
Deferred tax assets in the balance sheet					78
Deferred tax liabilities
Depreciation differences and untaxed reserves	356	-29	-0	10	337
Changes in fair values	107	-2	93	-1	197
Other taxable temporary differences	28	-10	0	1	18
Total	491	-41	93	10	552
Netting of deferred taxes					-10
Total deferred tax liabilities in the balance sheet					542
In Sampo plc, EURm 25 of deferred tax asset has not been recognised on unused tax losses. The first losses will expire in 2021.
In life insurance, EURm 4 of deferred tax asset has not been recognised on unused tax losses.

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