Income tax
Income tax on the result from continuing operations is as follows:
x € 1 million | 2019 | 2018 |
|---|---|---|
Current tax expense | 20 | 30 |
Current tax income prior years | -2 | - |
Current tax expense and tax income for current year | 18 | 30 |
Release of deferred taxation due to a change in corporate income tax rates | 2 | -14 |
Movements in deferred taxes | 7 | 5 |
Movement in deferred taxes for prior years | - | 1 |
Income taxes | 27 | 22 |
The current tax income and expense on the result from continuing operations is as follows:
x € 1 million | 2019 | 2018 |
|---|---|---|
Profit before income tax | 352 | 140 |
Participation exemption | -247 | - |
Non tax-deductible expenses | 1 | 2 |
Different depreciation methods for tax purposes | -28 | -19 |
Taxable amount | 78 | 123 |
Nominal tax rate | 25% | 25% |
Current tax expense | 20 | 30 |
The effective tax burden expressed as a percentage of the profit before income tax from continuing operations is as follows:
2019 | 2018 | |
|---|---|---|
Nominal tax rate | 25.0% | 25.0% |
Effect of: | ||
- Participation exemption | -17.4% | 0.0% |
- Non tax-deductible expenses | 0.1% | 0.3% |
- Change in corporate income tax rates | 0.7% | -10.1% |
- Tax incentives (Energy Investment Allowance) | 0.0% | -0.1% |
- Corporate income tax for prior years | -0.5% | 0.0% |
- Other | -0.2% | 0.6% |
Effective tax rate | 7.7% | 15.7% |
The corporate income tax is settled between Stedin Holding N.V. and its subsidiaries as if the subsidiaries were independently liable to tax.
