Notes to OP Financial Group Financial Statements

NOTES TO THE INCOME STATEMENT

EUR million	2014	2013 Restated*
Current tax	337	133
Tax for previous financial years	25	-11
Deferred tax	-54	-87
Income tax expense	308	36

Corporate income tax rate	20	24.5

Reconciliation between tax expense in the income statement and tax expense calculated by the applicable tax rate

Earnings before tax		915	701
Tax calculated at a tax rate of 20.0% (2013 24.5%)		183	172
	Tax for previous financial years	25	-11
	Income not subject to tax	-33	-16
	Expenses not deductible for tax purposes	28	25
	Re-evaluation of unrecognised tax losses	4	8
	Tax adjustments	-10	6
	Effect of internal Group capital gains on Pohjola transaction	109	-
	Tax rate change on 1 Jan 2014	-	-153
	Other items	3	5
Tax expense		308	36

* Comparative figures have been restated as a result of the adoption of IFRS 10 Consolidated Financial Statements.