Entity information:
INCOME TAXES
A reconciliation of income tax expense and the product of accounting income before income tax, multiplied by the combined Canadian federal and provincial income tax rate (the rate applicable to the Canadian parent company) is as follows:
 
 
 
Year ended
 
 
 
 
 
December 31,
 
 
 
2017
 
2016
 
2015
Loss before income taxes
$
(27,990
)
 
$
(39,864
)
 
$
(82,357
)
Combined federal and provincial rate
26.50
%
 
26.50
%
 
26.50
%
Expected income tax recovery
(7,400
)
 
(10,600
)
 
(21,825
)
Stock based compensation
934

 
704

 
291

Other non-deductible/non-taxable items
(1,303
)
 
—

 
(2,984
)
Foreign tax rate differences
—

 
(2,962
)
 
(10,180
)
Unrecognized deferred tax assets
7,769

 
12,858

 
34,698

Income tax expense
$
—

 
$
—

 
$
—


The components of the net deferred tax assets and liabilities as of December 31, 2017, 2016 and 2015 are as follows:
 
Year ended
 
December 31,
 
2017
 
2016
Current deferred tax assets
 
 
 
Inventories
2,148

 
2,900

Short-term investments
1,216

 
413

Total current deferred tax assets
3,364

 
3,313

Non-current deferred tax assets
 
 
 
Operating loss carry forwards
74,644

 
91,441

Capital loss carry forwards
15,286

 
21,322

Deferred revenue and other
3,695

 
3,885

Mineral properties and deferred costs
28,080

 
40,581

Asset retirement obligations
4,844

 
6,398

Intangibles and other
(663
)
 
(2,524
)
Property, plant and equipment
845

 
(751
)
 Total non-current deferred tax assets
126,731

 
160,352

Subtotal deferred tax asset
130,095

 
163,665

Less: valuation allowance
(130,095
)
 
(163,665
)
Net deferred tax asset
$
—

 
$
—


At December 31, 2017, and 2016, the Company recorded a valuation allowance against the net deferred tax assets for the above related items in the financial statements as management did not consider it more likely than not that the Company will be able to realize the deferred tax assets in the future.
The following table summarizes the changes to the valuation allowance:
For the Year
 
Balance at
 
 
 
 
 
 
Ended
 
Beginning of
 
 
 
 
 
Balance at End
December 31,
 
Period
 
Additions (a)
 
Deductions (b)
 
of Period
2017
 
163,666
 
4,259
 
(37,830)
 
130,095
2016
 
153,651
 
11,166
 
(1,151)
 
163,666

 
 
a)
The additions to the valuation allowance result from additional losses incurred, increases to other tax assets such as mineral property and property, plant and equipment. Management does not feel these additions meet the more-likely-than-no criterion for recognition.
 
 
b)
The reductions to the valuation allowance result primarily from the decrease in the net unrecognized deferred tax asset due to the change in the U.S. tax law which lowered the corporate tax rate from 35% to 21% beginning 1/1/2018. The decrease in our expected future tax rate results in a reduction in the value of our deferred tax assets by $49,369. As we have a full valuation allowance against our deferred tax asset, a corresponding decrease in our valuation allowance is also required.

The following table summarizes the Company's capital losses and net operating losses as of December 31, 2017 that can be applied against future taxable profit.
Country
 
Type
 
Amount
 
Expiry Date
Canada
 
Non-capital losses
 
$
31,159

 
2027 - 2035
Canada
 
Allowable Capital  losses
 
3,285

 
None
Canada
 
Investment Tax Credits
 
1,211

 
2023 - 2026
United States
 
Net operating losses
 
250,518

 
2026 - 2035
United States
 
Capital losses
 
54,399

 
2019

Utilization of the United States loss carry forwards will be limited in any year as a result of previous changes in ownership. For the Energy Fuels Holding Corporation and Subsidiaries consolidated group, management estimates that approximately $75 million in net operating losses will expire unutilized as a result of these limitations.
Utilization of the Canadian loss carry forwards will be subject to the Acquisition of Control Rules in any year as a result of previous changes in ownership.