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31. Taxation on operating result

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Amounts in thousands of EUR

2013

2012

 

 

 

Taxation to be paid

11,075

9,008

Deferred taxation

–2,545

–847

 

 

 

 

 

 

 

8,530

8,161

 

 

 

The reconciliation between the statutory and the effective taxation rate is as follows:

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Amounts in thousands of EUR

2013

2012

 

 

 

Result before taxation

34,213

30,787

Statutory tax rate

25.0%

25.0%

 

 

 

Statutory tax amount

8,553

7,697

Difference arising from other tax rates abroad, exemptions and non-deductible items

–61

474

Restatement of deferred taxation items as the result of amended tax rates

38

–10

 

 

 

 

 

 

Effective tax amount

8,530

8,161

 

 

 

Effective tax rate

24.9%

26.5%

 

 

 

Fiscal unity

Triodos Bank, as a parent company, forms a tax unity for value added tax and corporate income tax purposes with Triodos Assurantiën in liquidation, Triodos Cultuurbank in liquidation, Triodos Finance, Triodos Investment Management, Kantoor Buitenzorg, Kantoor Nieuweroord and Triodos Nieuwbouw as subsidiaries. The method chosen for the taxation set-off between Triodos Bank and it’s 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.