33. Taxes
Reconciliation of result before taxes and tax charge
2022 | 2021 | |
Result before taxes | 85.9 | 67.3 |
Applicable tax charge at average statutory tax rate | 22.1 | 16.8 |
Income not subject to tax | -20.5 | -19.7 |
Expenses not deductible for tax purposes | 0.9 | 0.6 |
Effect of the reversal of tax assets | -7.5 | |
Changes in tax rates | -0.5 | |
Other effects | -6.6 | -0.7 |
Tax charge (income) | -4.1 | -11.0 |
Average tax rate on operations | -4.8% | -16.3% |
The average statutory tax rate is the Dutch corporate income tax rate of 25.8%.
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 € -20.5 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 € 0.9 million).
The effect of the reversal of tax assets in 2021 was 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), and by the write-off of tax credits which could not 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 (impact € -0.7 million). It also includes a non-cash settlement of a tax payable with a Dutch group company included in the Dutch fiscal unity (impact € -5.9 million).
Deferred tax
Deferred tax | ||||
As at 31-12-2022 | As at 31-12-2021 | |||
Deferred tax assets | Deferred tax liabilities | Deferred tax assets | Deferred tax liabilities | |
Tax loss carry forward | 8.2 | 11.9 | ||
Provisions | 0.3 | 0.4 | ||
Current items | 1.7 | 4.4 | ||
Total | 10.2 | 16.7 | ||