The income tax expenses for the year can be reconciled to the accounting profit as follows:
Result before tax
Income tax expense calculated at 25%
Effect of income that is exempt from taxation
Effect of unused tax losses and tax offsets not recognised as deferred tax assets
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:
The tax loss can be carried forward for nine years after the loss is recognised. This deferred tax asset has not been capitalised.