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31. Taxation on Operating Result

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in thousands of EUR

2017

2016

 

 

 

 

 

 

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

 

 

 

 

 

 

 

12,198

9,336

 

 

 

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

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in thousands of EUR

2017

2016

 

 

 

 

 

 

Result before taxation

49,593

38,576

Statutory tax rate

25.0%

25.0%

 

 

 

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

 

 

 

 

 

 

Effective tax amount

12,198

9,336

 

 

 

Effective tax rate

24.6%

24.2%

 

 

 

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.