14 Tax

The income tax expenses for the year can be reconciled to the accounting profit as follows:

 

2016

2015

Result before tax

533

291

Income tax expense calculated at 25%

133

73

Effect of income that is exempt from taxation

(131)

(73)

Effect of unused tax losses and tax offsets not recognised as deferred tax assets

(2)

-

Income tax expense recognised in profit or loss

-

-

No deferred tax asset for tax loss carry forwards and differences in measurement for tax and commercial purposes has been recognised in view of the losses expected to be incurred by Vesteda Project Development BV in the future.

The total tax carry forward can be specified as follows:

2009

3

2010

45

2011

14

2012

13

2015

2

2016

0

Total

77

The tax loss can be carried forward for nine years after the loss is recognised. This deferred tax asset has not been capitalised.