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33. Taxes

Reconciliation of result before taxes and tax charge

 

2020

2019

Result before taxes

69.7

26.5

Applicable tax charge at average statutory tax rate

17.4

6.6

Income not subject to tax

-21.9

-8.3

Expenses not deductible for tax purposes

0.3

0.5

Effect of the reversal of tax assets

1.1

1.4

Other effects

-0.3

0.5

Tax charge (income)

-3.4

0.7

Average tax rate on operations

-4.9%

2.6%

The average statutory tax rate is Dutch corporate income tax rate of 25%.       

The results of the participations of Corbion nv resulted in income which is not subject to tax under the provisions of the participation exemption.       

Expenses not deductible for tax purposes include the effect of non-deductible costs related to employee share plans and the non-deductible part of business expenses.   

The effect of the reversal of tax asset relates to the write-off of tax credits which cannot be effectively utilized.   

Other effects include adjustments in respect of current-year events and the impact of changes to relevant regulations, facts, or other factors compared to those used in establishing the current tax position or deferred tax balance in previous years.

Deferred tax

 

As at 31-12-2020

As at 31-12-2019

Deferred tax assets

Deferred tax liabilities

Deferred tax assets

Deferred tax liabilities

Tax loss carry forward

  

1.0

 

Provisions

0.2

 

0.1

 

Current items

1.6

   

Total

1.8

 

1.1