in thousands of EUR

2019

2018

Taxation to be paid

13,000

9,749

Deferred taxation

2,036

619

 

15,036

10,368

Prior year taxation on operating results have been adjusted for an amount of EUR 1,410 due to changes in accounting principles. For further explanation see the general accounting principles.

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

in thousands of EUR

2019

2018

Result before taxation

53,787

45,037

Statutory tax rate

25.0%

25.0%

 

 

 

Statutory tax amount

13,447

11,259

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

1,158

217

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

431

–1,108

Effective tax amount

15,036

10,368

 

 

 

Effective tax rate

28.0%

23.0%

Fiscal unity

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