Annual report 2019

99

The reconciliation between the Dutch nominal income tax rate and the effective income tax rate, based on the Profit/Loss (-) before taxation as stated EUR -12.8 million (2018: EUR 77.3 million), is as follows:

2018

2019

INCOME TAX AMOUNT

EFFECTIVE INCOME TAX RATE

INCOME TAX AMOUNT

EFFECTIVE INCOME TAX RATE

Effect on tax (rate): Nominal tax rate in the Netherlands

- 19,324 - 18,725 16,214 - 21,835

25.0% 24.2% - 21.0% 28.2%

3,202

25.0%

Tonnage tax, withholding tax, other special tax regimes Different statutory tax rates for other jurisdictions

-16,936 16,836

- 132.2% 131.4%

3,102

24.2%

Weighted average tax (rate)

Increase (decrease) in tax (rate) resulting from: Unrecognized income tax losses and temporary differences Recognition of previously unrecognized tax losses Tax exempted revaluation results and book results

- 5,047 8,424

6.5%

-7,749 1.924 1,203 -24,274 12,125 -13,669

- 60.5%

- 10.9%

15.0%

-

-

9.4%

Non-deductible expenses Prior year adjustments

- 19,808 17,507 - 20,759

25.6% - 22.6% 26.8%

- 189.5%

94.7%

- 106.7%

Adjusted effective tax (rate)

The effective income tax rate, adjusted for extraordinary income and for the net result from joint ventures and associates, was −106.7% (2018: 26.8%, adjusted for impairment charges, other extraordinary charges and for the net result from joint ventures and associates). 13. INCOME TAX RECEIVABLE AND PAYABLE The current income tax receivables and income tax payables relate to the tax positions of the respective Group companies and consist of financial years yet to be settled less withholding taxes and tax refunds.

ANNUAL REPORT 2019 – BOSKALIS A NUAL REPORT 2019 -- BOSKALIS