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31. Taxation on Operating Result
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in thousands of EUR |
2017 |
2016 |
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|
|
|
|
|
Taxation to be paid |
11,833 |
10,072 |
Adjustment taxation to be paid regarding change of the accounting standard for property for own use from actual cost to historical cost |
– |
–32 |
Deferred taxation |
365 |
–701 |
Adjustment deferred taxation regarding change of the accounting standard for property for own use from actual cost to historical cost |
– |
–3 |
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|
12,198 |
9,336 |
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The reconciliation between the statutory and the effective taxation rate is as follows:
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in thousands of EUR |
2017 |
2016 |
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|
Result before taxation |
49,593 |
38,576 |
Statutory tax rate |
25.0% |
25.0% |
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|
|
Statutory tax amount |
12,398 |
9,644 |
Difference arising from other tax rates abroad, exemptions and non-deductible items |
–200 |
–303 |
Restatement of deferred taxation items as the result of amended tax rates |
– |
–5 |
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Effective tax amount |
12,198 |
9,336 |
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Effective tax rate |
24.6% |
24.2% |
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Prior year taxation on operating results have been adjusted. For further explanation see the general accounting principles.
Fiscal unity
Triodos Bank, as a parent company, forms a tax unity for value added tax and corporate income tax purposes with Triodos Finance, Triodos Investment Management, Triodos Investment Advisory Services, Kantoor Buitenzorg, Kantoor Nieuweroord and Triodos Nieuwbouw as subsidiaries. The method chosen for the taxation set-off between Triodos Bank and its subsidiaries is that of proceeding as if the legal entities were independently liable to pay tax. In fact, the legal entities are jointly and severally liable for the tax liabilities of the companies belonging to the fiscal unity.
