12. Tax

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

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:

In accordance with the new tax law from 2022, the tax losses from 2013 can be carried forward without any limitation in the feature up to a maximum of €1 million per year. As per 31-12-2022 the deferred tax asset has not been capitalised.