in thousands of EUR

2018

2017

Taxation to be paid

9,749

11,833

Deferred taxation

2,029

365

 

11,778

12,198

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

in thousands of EUR

2018

2017

Result before taxation

50,381

49,593

Statutory tax rate

25.0%

25.0%

 

 

 

Statutory tax amount

12,595

12,398

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

217

–200

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

–1,034

Effective tax amount

11,778

12,198

 

 

 

Effective tax rate

23.4%

24.6%

Fiscal unity

Triodos Bank, as a parent company, forms a tax unity for corporate income tax purposes with Triodos Finance, Triodos Investment Management, Triodos Investment Advisory Services, Kantoor Buitenzorg, Kantoor Nieuweroord and Triodos Nieuwbouw as subsidiaries. Triodos Bank, as a parent company, also forms a tax unity for value added tax with Triodos Finance, 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.