16 Tax
Current income tax receivables amount to €13.9 million (December 31, 2021: Payable €36.9 million).
The domestic corporate income tax rate for 2022 is 25,8% (2021: 25.0%). Mainly because of the participation exemption on the equity results, the effective income tax rate for half year 2022 is -7.5%. Appling the tax rate to the profit of €95 million we come to a corporate income tax receivable amount of €7.1 million (December 2021: Payable €33.3million). Per 30 June, 2022 there were no unused tax losses (December 31, 2021: EUR €0 million) and the unused tax credits amounted to €0 (December 31, 2021: €0).
June 30, 2022 | December 31, 2021 | ||
Profit/(loss) before taxation | 94,943 | 523,914 | |
Income taxes at statutory rate of 25.8% (2021: 25%) | -24,495 | -130,979 | |
Increase/decrease resulting from: | |||
ˑ | Settlement with local withholding taxes | 1,113 | 2,100 |
ˑ | Non-taxable income (participation exemption facility) | 31,164 | 92,426 |
ˑ | Tax adjustments to prior periods | - | 3,369 |
ˑ | Other | -713 | -184 |
Total income tax | 7,069 | -33,268 | |
Effective income tax rate | -7.5% | 6.3% |
June 30, 2022 | December 31, 2021 | |
Deferred tax assets | ||
Pension provision | 2,958 | 2,958 |
Actuarial gains and losses on defined benefit plans | 86 | 2,583 |
Tax depreciation fixed assets | - | - |
Operational leases | 48 | 48 |
Total deferred tax assets | 3,092 | 5,589 |
Deferred tax liabilities | ||
Fair value movements equity investments | -10,748 | -10,748 |
Total deferred tax liabilities | -10,748 | -10,748 |
Net balance | -7,656 | -5,159 |