With independent auditor’s report

856
164
(245)
Non-deductible expenses / (non-taxable income), net
64
66
(8)
Utilized tax losses carried forward, not recognized previously
(227)
−
−
Excess profit tax
−
−
144
Unrecognized deferred tax assets
275
360
641
Income of subsidiaries taxed at different rates
32
185
290
Income tax expense
1,000
775
822
Less income tax benefit from discontinued operations
−
−
(786)
Income tax expense from continuing operations
1,000
775
1,608

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JSC “Uzbekneftegaz”
Consolidated financial statements
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
50
29. Income tax (continued)
Deferred tax assets and liabilities as of 31 December 2020, 2019 and 2018 were calculated using the expected income tax rates of 15%. Deferred tax assets and
liabilities as of 31 December and their movements for the respective years comprise:
In billions of Uzbek soums
1 January
2018
In the
consolidated
statement of
profit or loss
In the
consolidated
statement of
other
comprehen-
sive income
Discontinued
operations
31 December
2018
In the
consolidated
statement of
profit or loss
In the
consolidated
statement of
other
comprehen-
sive income
31 December
2019
In the
consolidated