12. Income tax
Income tax on the result in the income statement is as follows:
x € 1 million | 2023 | 2022* |
|---|---|---|
Current tax expense for current year | 3 | 19 |
Current tax income prior years | -1 | - |
Current tax income loss carryback | -9 | - |
Current tax expense and tax income | -7 | 19 |
Deferred taxes temporary differences | 75 | 9 |
Deferred taxes loss carry forward | -10 | - |
Deferred taxes | 65 | 9 |
Income taxes | 58 | 28 |
- * The comparative figures have been adjusted as a result of a change in accounting policy for the valuation of property, plant and equipment. See 2.2.10 Property, plant and equipment for more information.
Current tax expense and income for the current year is as follows:
x € 1 million | 2023 | 2022* |
|---|---|---|
Profit before income tax | 228 | 109 |
Participation exemption | - | -2 |
Non tax-deductible expenses | 1 | 1 |
Different depreciation methods for tax purposes | -288 | -34 |
Tax-deductible costs via group equity | -11 | -8 |
Taxable profit | -70 | 66 |
Carry back of losses | 33 | - |
Carry forward of losses | 37 | - |
Taxable amount | - | 66 |
Nominal tax rate | 25.8% | 25.8% |
Current tax expense | - | 17 |
Of which current tax via group equity | -3 | -2 |
Of which current tax via profit and loss | 3 | 19 |
- * The comparative figures have been adjusted as a result of a change in accounting policy for the valuation of property, plant and equipment. See 2.2.10 Property, plant and equipment for more information.
In 2023, Stedin Group made use of the tax arrangement for arbitrary depreciation of business assets. Under this arrangement, new business assets that meet the conditions may be arbitrarily depreciated up to 50%. The result is a tax loss for 2023. This is partly set off retroactively against the taxable profit for 2022. The remainder remains available for loss carried forward.
The effective tax rate, expressed as a percentage of the profit before income tax, is as follows:
2023 | 2022 | |
|---|---|---|
Nominal tax rate | 25.8% | 25.8% |
Effect of: | ||
- Participation exemption | 0.0% | -0.8% |
- Non tax-deductible expenses | 0.1% | 0.2% |
- Corporate income tax for prior years | -0.3% | 0.4% |
- Other | 0.0% | -0.1% |
Effective tax rate | 25.6% | 25.5% |
The effective tax rate is in line with the nominal tax rate.
Corporate income tax is settled between Stedin Holding N.V. and its subsidiaries, to the extent they are part of the fiscal unity, as if the subsidiaries were independently liable to pay tax.
