Annual Report 2015

12. Income tax expense

 

EUR million

2015

2014

Current tax

18.3

1.6

Tax for previous years

-0.1

1.0

Deferred tax

-10.8

-2.8

Total

7.4

-0.2

     

Reconciliation of tax charge at Finnish tax rate (20%)

   
     

Profit or loss before tax and associates' results

43.3

-4.6

Income tax at parent company's tax rate

8.7

-0.9

Effect of foreign subsidiaries’ tax rates

0.1

-1.8

Non-deductible expenses and other differences

1.0

0.9

Tax-exempt income

-4.7

-2.4

Tax from previous years

1.0

1.0

Effect of changes of tax rates on deferred tax

0.0

-2.6

Unrecognized deferred tax asset on losses for the financial period

4.4

5.6

Changes in deferred tax assets for previous years' losses

-3.1

-

Tax charge in the consolidated income statement

7.4

-0.2

     

Effective tax rate

17.1%

3.4%