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31. Taxation on Operating Result

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in thousands of EUR

2016

2015

 

 

 

 

 

 

Taxation to be paid

10,072

14,045

Deferred taxation

–701

–772

 

 

 

 

 

 

 

9,371

13,273

 

 

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

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in thousands of EUR

2016

2015

 

 

 

 

 

 

Result before taxation

38,695

54,000

Statutory tax rate

25.0%

25.0%

 

 

 

Statutory tax amount

9,674

13,500

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

–298

–222

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

–5

–5

 

 

 

 

 

 

Effective tax amount

9,371

13,273

 

 

 

Effective tax rate

24.2%

24.6%

 

 

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.