12. Tax

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

 

2018

2017

Result before tax

1,032

682

Income tax expense calculated at 25%

258

171

Effect of income that is exempt from taxation

(258)

(169)

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

-

(2)

Income tax expense recognised in profit or loss

-

-

There is no deferred tax asset for tax loss carry forwards and differences in measurement for expected future profitability of Vesteda Project Development B.V..

The total tax loss carry forward can be specified as follows:

2011

14

2012

13

2015

2

2018

4

Total

33

The tax loss can be carried forward for nine years after the loss is recognised. This deferred tax asset has not been capitalised. Tax losses which will occur from 2019 and onwards, can be carried forward for six years after the loss is recognised.