18 Tax
Current income tax receivables amount to €48.3 million (December 31, 2019: €46.5 million).
The average weighted annual tax rate equals 7.9% (H1 2019: 13.5%) and is based on the domestic tax rate of 25% corrected for equity results for which participation exemption is applicable. The current income tax loss for the first half of 2020 amounted to a tax loss of € 23,829 million of which 1,989 can be settled with fiscal year 2019. The unused tax loss amounts to € 21,197 million and is recognized as deferred tax asset. For FMO’s unused tax credits of 4,564 (H1 2019: 0) no deferred tax asset has been recognized.
June 30, 2020 | December 31, 2019 | ||
Profit/(loss) before taxation | -303,431 | 118,528 | |
Income taxes at statutory rate of 25% (2019: 25%) | 75,857 | -29,632 | |
Increase/decrease resulting from: | |||
ˑ | Settlement with local withholding taxes | - | 716 |
ˑ | Non-taxable income (participation exemption facility) | -52,016 | 29,189 |
ˑ | Tax adjustments to prior periods | -12 | 1,681 |
ˑ | Other | - | -70 |
Total income tax | 23,829 | 1,884 | |
Effective income tax rate | 7.9% | -1.6% |
June 30, 2020 | December 31, 2019 | |
Deferred tax assets | ||
Pension provision | 3,717 | 3,095 |
Actuarial gains and losses on defined benefit plans | 3,629 | 3,872 |
Operational leases | 27 | 19 |
Unused tax losses | 21,197 | - |
Total deferred tax assets | 28,570 | 6,986 |
Deferred tax liabilities | ||
Fair value movements equity investments | -3,245 | -5,638 |
Total deferred tax liabilities | -3,245 | -5,638 |
Net balance | 25,325 | 1,348 |