b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2020 (Continued)Reconciliation of deferred tax asset / (liability)(X US$ 1,000) 2020 2019Opening balance as of January 1 10,344 711Taxincome/(expense)duringtheperiodrecognizedinprofitorloss 1,698 (2,797)Taxincomeduringtheperiodrecognizedinequityduetofairvalue 876 -resultsTax(expense)duringtheperiodrecognizedinothercomprehensive (206) 12,430incomeClosing balance as at December 3112,71210,344DeferredincometaxatDecember31relatestothefollowing:Consolidated statement of financial position(X US$ 1,000) 2020 2019Deferred tax assetsShort-term investments (30) (572)Investment properties 285- Otherproperty,plantandequipment (236) (7,758)Fair value gains (5,677)- Other intangible assets(1,144) (911)Provisions (1,350) (1,717)Employeedefinedbenefitliabilities 20,708 21,320Leasereceivable 36- Netleaserightofuse/liability 120 (18)Deferred tax asset (net)12,712 10,344 Tax losses carry forwardNo deferred tax asset has been recorded on these tax losses as it is the belief of management VentrinissubjecttothefiscalregimeofTrinidad that it is not probable that Ventrin will generate andTobagoandhasaccumulatedtaxlosses sufficienttaxableprofitintheforeseeablefutureofapproximatelyUS$14,382atDecember31, toutilizetheselosses.2020,(2019:US$13,188)availableforoffsetagainstfuturetaxableprofits.Theselosseshaveno expiry date. 90 STAATSOLIE 2020 ANNUAL REPORT'