Income tax
Income tax on the result from continuing operations is as follows:
x € 1 million | 2020 | 2019 |
|---|---|---|
Current tax expense | 11 | 20 |
Current tax income prior years | - | -2 |
Current tax expense and tax income for current year | 11 | 18 |
Release of deferred taxation due to a change in corporate income tax rates | 11 | 2 |
Movements in deferred taxes | 8 | 7 |
Income taxes | 30 | 27 |
The current tax income and expense on the result from continuing operations is as follows:
x € 1 million | 2020 | 2019 |
|---|---|---|
Profit before income tax | 72 | 352 |
Participation exemption | 1 | -247 |
Non tax-deductible expenses | 1 | 1 |
Different depreciation methods for tax purposes | -30 | -28 |
Taxable amount | 44 | 78 |
Nominal tax rate | 25% | 25% |
Current tax expense | 11 | 20 |
The effective tax burden expressed as a percentage of the profit before income tax from continuing operations is as follows:
2020 | 2019 | |
|---|---|---|
Nominal tax rate | 25.0% | 25.0% |
Effect of: | ||
- Participation exemption | 0.4% | -17.4% |
- Non tax-deductible expenses | 0.4% | 0.1% |
- Change in corporate income tax rates | 15.4% | 0.7% |
- Tax incentives (Energy Investment Allowance) | 0.0% | 0.0% |
- Corporate income tax for prior years | 0.2% | -0.5% |
- Other | -0.2% | -0.2% |
Effective tax rate | 41.2% | 7.7% |
The corporate income tax is settled between Stedin Holding N.V. and its subsidiaries as if the subsidiaries were independently liable to tax.
