GeoPark Ltd | CIK:0001464591 |

Amounts in US$ '000		2017			2016			2015
Current tax			(48,449)			(12,359)			(7,262)
Deferred income tax (Note 18)			5,304			555			24,316
			(43,145)			(11,804)			17,054

The tax on the Group’s profit (loss) before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows:

 

Amounts in US$ '000		2017			2016			2015
Profit (Loss) before tax			25,308			(48,842)			(301,620)
Tax losses from non-taxable jurisdictions			22,708			12,318			15,852
Taxable profit (loss)			48,016			(36,524)			(285,768)
Income tax calculated at domestic tax rates applicable to Profit (Losses) Income in the respective countries			(31,107)			(809)			62,589
Tax losses where no deferred tax benefit is recognised			(8,111)			(6,616)			(16,325)
Effect of currency translation on tax base			(2,330)			(2,840)			(6,776)
Changes in the income tax rate (Note 16)			542			220			(625)
Non recoverable tax loss carry-forwards			-			-			(15,537)
Non-taxable results (a)			(2,139)			(1,759)			(6,272)
Income tax			(43,145)			(11,804)			17,054

Under current Bermuda law, the Company is not required to pay any taxes in Bermuda on income or capital gains. The Company has received an undertaking from the Minister of Finance in Bermuda that, in the event of any taxes being imposed, they will be exempt from taxation in Bermuda until March 2035. Income tax rates in those countries where the Group operates (Argentina, Brazil, Colombia, Peru and Chile) ranges from 15% to 40%.

 

The Group has significant tax losses available which can be utilised against future taxable profit in the following countries:

 

Amounts in US$ '000		2017			2016			2015
Argentina			4,849			2,908			3,834
Chile (a)			345,104			280,290			209,910
Brazil (a)			33,721			16,057			-
Total tax losses at 31 December			383,674			299,255			213,744

At the balance sheet date deferred tax assets in respect of tax losses in Argentina and in certain Companies in Chile have not been recognised as there is insufficient evidence of future taxable profits to offset them (in the case of Argentina, before the statute of limitation of these tax losses causes them to expire).

 

Expiring dates for tax losses accumulated at 31 December 2017 are:

 

Expiring date		Amounts in US$ '000
2020			754
2021			1,446
2022			2,649