11 Deferred tax assets and liabilities

Deferred tax assets and liabilities relate to the following balance sheet items:

CHF million	Tax assets	Tax liabilities	2016 net	Tax assets	Tax liabilities	2015 net

Investment properties		7	–7		8	–8
Property, plant, and equipment for own use	11	37	–26	13	41	–28
Intangible assets	3	1	2	3	1	2
Tax loss carryforwards	5		5	7		7
Inventories	26	15	11	26	14	12
Provisions	16	4	12	16	3	13
Other interest-bearing liabilities	4	2	2	2		2
Other non-interest-bearing liabilities	33	8	25	38	7	31
Other balance sheet items	14	3	11	10	3	7
Total	112	77	35	115	77	38

Offsetting	–32	–32		–32	–32
Deferred tax assets/liabilities	80	45	35	83	45	38

Deferred tax assets and liabilities are offset within Corporate Companies when there is a legally enforceable right to offset current tax assets against current tax liabilities and the deferred taxes relate to the same fiscal authority. The effect of offsetting at the Corporate Company level amounted to CHF 32 million (previous year: CHF 32 million). Deferred tax assets and liabilities are calculated based on the actually expected income tax rates for each Corporate Company. For further information on the recognition of tax loss carryforwards, see note 28.

Temporary differences associated with investments in subsidiaries, for which no deferred tax liabilities have been recognized, amounted to CHF 378 million as of 31 December 2016 (previous year: CHF 355 million).