Income tax benefit (expense) (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes [Abstract]

Disclosure of tax benefit (expense)

(in thousands of USD)	2019		2018		2017
Current tax
Current period	(1,066	)	(37	)	(85	)
Total current tax	(1,066	)	(37	)	(85	)
Deferred tax
Recognition of unused tax losses/(use of tax losses)	474		(195	)	1,473
Other	(10	)	(6	)	(30	)
Total deferred tax	464		(201	)	1,443
Total tax benefit/(expense)	(602	)	(238	)	1,358

Disclosure of reconciliation of effective tax

Reconciliation of effective tax	2019				2018				2017
Profit (loss) before tax			112,832				(109,832	)			25
Tax at domestic rate	(29.58	)%	(33,376	)	(29.58	)%	32,488		(33.99	)%	(8	)
Effects on tax of :
Tax exempt profit / loss			317				(50	)			499
Tax adjustments for previous years			34				9				10
Loss for which no DTA (*) has been recognized			(26	)			(1,037	)			—
Non-deductible expenses			(538	)			(962	)			(710	)
Use of previously unrecognized tax losses and tax credits			4,066				—				7,146
Tonnage Tax regime			24,534				(33,602	)			(13,918	)
Effect of share of profit of equity-accounted investees			2,482				4,690				10,175
Effects of tax regimes in foreign jurisdictions			1,905				(1,774	)			(1,836	)
Total taxes	(0.53	)%	(602	)	0.22	%	(238	)	5,430.01	%	1,358

In application of an IFRIC agenda decision on ‘IAS 12 Income taxes’, tonnage tax is not accounted for as income taxes in accordance with IAS 12 and is not presented as part of income tax expense in the consolidated statement of profit or loss but

has been shown as an administrative expense under the heading General and administrative expenses. The amount paid for tonnage tax in the year ended December 31, 2019 was $1.3 million (see Note 5).

* Deferred Tax Asset