Current tax (prior-year adjustments)
Tax charge (income)
Reconciliation of result before taxes and tax charge
Result before taxes
Applicable tax charge at average statutory tax rate
Income not subject to tax
Expenses not deductible for tax purposes
Effect of the reversal of tax assets
Additions to/releases from tax provision
Changes in tax rates
Tax charge (income)
Average tax rate on operations
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 positive result recognized with respect to the joint venture with TotalEnergies which is not subject to tax under the provisions of the participation exemption (impact € -2.8 million). The impact of investment deductions and other non-taxable income amount to € -1.3 million.
Expenses not deductible for tax purposes include the effect of non-deductible costs in multiple jurisdictions (impact € 2.5 million).
The effect of the reversal of tax assets is caused by the recognition of a valuation allowance of tax assets related to tax loss carry forwards and temporary differences in certain jurisdictions (€ 2.2 million) as well as the recognition of previously unrecognized deferred tax assets related to tax loss carry forwards in certain jurisdictions (€ -1.1 million).
The impact of currency effects (€ -0.3 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 € -1.0 million).
The difference between the average tax rates 2022 (22.7%) and 2021 (9.5%) is mainly attributable to the effect in 2021 of the recognition of the previously unrecognized deferred tax asset which materialized as a result of the sale of the plot of land in Breda.
The realization of deferred tax assets depends on the expected future profitability. Deferred tax assets are not recognized if it is not likely that a tax benefit can be realized.
Breakdown of the tax charge recognized in equity
Tax liability due to loan-related exchange rate differences
Tax liability due to hedge results of financial instruments
Tax charge (income) recognized in equity