Income tax
12 Income tax
Income tax on the result from continuing operations is as follows:
x € 1 million | 2022 | 2021 |
|---|---|---|
Current tax expense and tax income for current year | 19 | 21 |
Current tax income prior years | - | -1 |
Current tax expense and tax income for current year | 19 | 20 |
Release of deferred taxation due to a change in corporate income tax rates | - | 3 |
Movements in deferred taxes | -4 | -11 |
Other tax income and expenses | - | -1 |
Income taxes | 15 | 11 |
The breakdown of current tax expense/income on the result from continuing operations is as follows:
x € 1 million | 2022 | 2021 |
|---|---|---|
Profit before income tax | 59 | 32 |
Participation exemption | -2 | -1 |
Non tax-deductible expenses | 1 | 6 |
Different depreciation methods for tax purposes | 16 | 45 |
Taxable profit | 74 | 82 |
Nominal tax rate | 25.8% | 25% |
Current tax expense | 19 | 21 |
The effective tax burden expressed as a percentage of the result from continuing operations before income tax is as follows:
2022 | 2021 | |
|---|---|---|
Nominal tax rate | 25.8% | 25.0% |
Effect of: | ||
- Participation exemption | -1.5% | -0.8% |
- Non tax-deductible expenses | 0.5% | 4.7% |
- Change in corporate income tax rates | 0.0% | 9.4% |
- Corporate income tax for prior years | 0.7% | -3.1% |
- Other | -0.2% | -0.5% |
Effective tax rate | 25.3% | 34.7% |
The difference of the effective tax rate compared with the nominal tax rate is largely attributable to the fact that a subsidiary was sold in 2022, with the profit on disposal being subject to the participation exemption.
The corporate income tax is settled between Stedin Holding N.V. and its subsidiaries as if the subsidiaries were independently liable to tax.
