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12. Tax

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

 

2020

2019

Result before tax

467

855

Income tax expense calculated at 25%

117

213

Effect of income that is exempt from taxation

(116)

(212)

Income tax expense recognised in profit or loss

1

1

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:

2012

13

2015

2

2018

3

2019

-

2020

-

Total

18

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 as from 2020 and onwards can be carried forward for six years after the loss is recognised.