Income tax

Customize annual report

The company and almost all its Dutch subsidiaries form a fiscal unity for corporate income tax purposes.

The table below shows the income taxes:

2013

2012

Current tax expense

3

1

Movements in deferred taxes

68

49

Adjustment for prior years movements deferred taxes

– 3

Income tax

68

50

The movements in deferred taxes include the increase of € 3 million in the Energy Investment Allowance to be amortised (2012: net nil).

The table below shows the current tax expense:

2013

2012

Profit before income tax

314

310

Participation exemption

– 43

– 63

Non tax-deductible expenses

18

6

Depreciation at non-statutory rates

– 164

– 149

Addition to provisions treated differently for tax purposes

– 2

12

Adjustment prior years results

– 10

Taxable profit

113

116

Carry forward of losses

– 100

– 113

Taxable amount

13

3

Nominal tax rate

25.0%

25.0%

Current tax expense

3

1

The table below shows the effective tax burden expressed as a percentage of the profit before income tax:

2013

2012

Nominal tax rate

25.0%

25.0%

Effect of:

- Participation exemption

–3.4%

–5.1%

- Non tax-deductible expenses

1.5%

0.2%

- Tax incentives (Energy Investment Allowance, EIA scheme)

–1.4%

–1.4%

- Other

0.0%

–2.6%

Effective tax rate

21.7%

16.1%