12 Tax

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

 

2017

2016

Result before tax

682

533

Income tax expense calculated at 25%

171

133

Effect of income that is exempt from taxation

(169)

(131)

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

(2)

(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 profitability of Vesteda Project Development B.V. in the future has been recognised.

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

2010

40

2011

14

2012

13

2015

2

2016

0

2017

0

Total

69

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