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33. Taxes

Reconciliation of result before taxes and tax charge

 

2021

2020

Result before taxes

67.3

69.7

Applicable tax charge at average statutory tax rate

16.8

17.4

Income not subject to tax

-19.7

-21.9

Expenses not deductible for tax purposes

0.6

0.3

Effect of the reversal of tax assets

-7.5

1.1

Changes in tax rates

-0.5

 

Other effects

-0.7

-0.3

Tax charge (income)

-11.0

-3.4

Average tax rate on operations

-16.3%

-4.9%

The average statutory tax rate is the 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 (impact € -19.7 million).  

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 (impact € 0.6 million).

The effect of the reversal of tax assets is caused by the recognition of a previously unrecognized deferred tax asset which materialized as a result of the sale of a plot of land in the municipality of Breda (impact € -9.3 million), as well the write-off of tax credits which cannot be effectively utilized (impact € 1.8 million).

The change in tax rates in 2021 is caused by the increase of the Dutch corporate income tax rate from 25% to 25.8% as per 1 January 2022.

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

Deferred tax

    

As at 31-12-2021

As at 31-12-2020

 

Deferred tax assets

Deferred tax liabilities

Deferred tax assets

Deferred tax liabilities

Tax loss carry forward

11.9

   

Provisions

0.4

 

0.2

 

Current items

4.4

 

1.6

 

Total

16.7

 

1.8