Note 29 Tax

The tax expense in the 2024 financial year amounts to €23 million. The movement in deferred taxation is €49 million.

The corporate income tax charge for the fiscal unit as disclosed in the financial statements is €19 million. This amount comprises the calculated corporate income tax on the profit for 2024 (€54 million), less the corporate income tax on movements in balance sheet items recognised in other comprehensive income (€3 million), less corporate income tax income for prior years (€32 million). The income item in relation to prior years is due to the final calculation of the discretionary depreciation scheme for 2023.

The table below provides a reconciliation between the corporate income tax rate in the Netherlands and the effective tax rate:

Reconciliation of effective corporate income tax rate

The effective tax rate is the tax burden expressed as a percentage of the profit before tax excluding the profits after tax from associates and joint ventures. The effective tax rate in 2024 amounted to 6.9% (2023: 25.6%). The difference compared with the nominal tax rate of 25.8% is mainly due to the effect of participating interest relief (downward effect of 18.7%) on the Kenter sale in January 2024.