Notes to OP Financial Group Financial Statements
NOTES TO THE INCOME STATEMENT
Note 17. Income tax
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.