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8. Taxes

 

2023

2022

Current tax

13.4

20.4

Current tax (prior-year adjustments)

-0.9

-0.2

Deferred tax

-0.1

6.2

Tax charge (income)

12.4

26.4

Reconciliation of result before taxes and tax charge

 

2023

2022

Result before taxes

85.3

116.4

Applicable tax charge at average statutory tax rate

23.6

28.2

Income not subject to tax

0.7

-4.1

Expenses not deductible for tax purposes

3.6

2.5

Effect of the reversal of tax assets

-9.1

1.1

Currency effects

-4.0

-0.3

Other effects

-2.4

-1.0

Tax charge (income)

12.4

26.4

Average tax rate on operations

14.5%

22.7%

The average statutory tax rate is the average of the statutory tax rates in the countries where Corbion operates, weighted on the basis of the result before taxes in each of these countries.

The main impact of income not subject to tax is caused by the negative result recognized with respect to the joint venture with TotalEnergies which is not subject to tax under the provisions of the participation exemption (impact € 0.8 million).

Expenses not deductible for tax purposes include the effect of non-deductible costs in multiple jurisdictions (impact € 3.6 million).

The effect of the reversal of tax assets is caused by the recognition of previously unrecognized deferred tax assets in Brazil (€ -9.1 million) related to the reversal of the impairment of the plant in Brazil.

The impact of currency effects (€ -4.0 million) is caused by reporting entities which have a tax reporting currency which deviates from their functional currency.

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 (impact € -2.4 million).

The realization of deferred tax assets depends on the expected future profitability. Deferred tax assets are not recognized if it is not probable that a tax benefit can be realized.