GeoPark Ltd (ifrs-full:DisclosureOfDeferredTaxesExplanatory)

Note 18 Deferred income tax

The gross movement on the deferred income tax account is as follows:

Amounts in US$ '000	2017		2016
Deferred tax at 1 January		20,283		17,691
Reclassification ^(a)		-		574
Currency translation differences		(237)		1,463
Income statement credit		5,304		555
Deferred tax at 31 December		25,350		20,283

^(a) Corresponds to differences between income tax provision and the final tax return presented.

The breakdown and movement of deferred tax assets and liabilities as of 31 December 2017 and 2016 are as follows:

Amounts in US$ '000	At the beginning of year		Currency translation differences		(Charged) credited to net profit		At end of year
Deferred tax assets
Difference in depreciation rates and other		19,225		(237)		(2,817)		16,171
Taxable losses		3,828		-		7,637		11,465
Total 2017		23,053		(237)		4,820		27,636
Total 2016		34,646		1,463		(13,056)		23,053

Amounts in US$ '000	At the beginning of year		Credited to net profit		Reclassification ^(a)		At end of year
Deferred tax liabilities
Difference in depreciation rates and other		(17,308)		(2,766)		-		(20,074)
Taxable losses		14,538		3,250		-		17,788
Total 2017		(2,770)		484		-		(2,286)
Total 2016		(16,955)		13,611		574		(2,770)

^(a) Corresponds to differences between income tax provision and the final tax return presented.

GeoPark Ltd | CIK:0001464591 |