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Annual Statements

Home Annual Statements Financial Statements 2013 Notes to the consolidated financial statements Notes to the consolidated income statement Income tax

11. Income tax

The income tax charge in the income statement was computed as follows:

(in thousands of euros)

2013

2012

Profit before income tax

276,429

253,876

Share in result of associates1

- 48,910

- 45,630

227,519

208,246

Standard rate of income tax

25.0%

25.0%

Income tax calculated at the standard tax rate

56,880

52,062

Different rate for foreign subsidiaries

509

1,995

Income tax before extraordinary items

57,389

54,056

Effective rate of income tax before extraordinary items

20.8%

21.3%

Losses for which no deferred tax asset is recognised

-

7,296

Other movements: income tax liabilities

- 11,744

- 1,480

Other movements: deferred tax assets and liabilities

-

- 2,434

Income tax in the income statement

45,645

57,438

To current tax liability (asset)

44,765

60,910

To deferred tax liability

880

- 3,472

Effective rate of income tax after extraordinary items

16.5%

22.6%

  • In calculating the corporate income tax payable, the share in results of associates is deducted because they satisfy the substantial holding privilege tax rule. This does not apply to the esults of limited partnerships (C.V.s), which are not independently liable for tax and whose results are included in the result of the N.V. Luchthaven Schiphol fiscal entity.

Excluding non-recurring items, the effective tax rate of 20.8% in 2013 was lower than the 21.3% figure in 2012 and below the nominal income tax rate of 25% because of the relatively higher share of the results of associates which are not subject to Dutch income tax. It can also be explained by an amount of 1.0 million euros regarding a tax charge relating to the result of the associate JFK IAT (2012: 2.0 million euros). The charge regarding other associates with a different tax rate amount to -0.5 million euros.

The lower effective tax rate, including non-recurring effects, of 16.5% (2012: 22.6%) was caused by a number non-recurring items. In 2012, the non-deductible income tax on losses relating to impairment in Italy amounted to EUR million euros (2013: 0 millon euros). The other movements in current tax liabilities in 2013 regard to the true up of the tax returns 2011 (1.7 million euros) and 2012 (1.6 million euros) and a one-off tax gain of 8.5 million euros due to the application of the participation exemption on RPS dividends received.