12. Income taxes The components of income tax are as follows: | | | | | | | | | For the years ended December 31 | In thousands of U.S. Dollars | | 2025 | | 2024 | | 2023 | Current tax expenses | | (241) | | (215) | | (435) | Income tax expense for year | | (241) | | (215) | | (435) |
The differences between income taxes expected at the Marshall Islands statutory income tax rate for non-resident companies of zero percent and the reported income tax expense are summarized as follows. | | | | | | | | | | For the years ended December 31 | | | | 2025 | | 2024 | | 2023 | | Marshall Islands statutory income tax rate | | 0.00 | % | 0.00 | % | 0.00 | % | Income subject to tax in other jurisdictions | | 0.58 | % | 0.16 | % | 0.37 | % | Effective tax rate | | 0.58 | % | 0.16 | % | 0.37 | % |
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