ING Direct 2015 Annual Report Download - page 105

Contents
Who we are
Report of the
Management
Board
Corporate
Governance
Consolidated
annual accounts
Parent company
annual accounts
Other
information
Additional
information
Notes to the Consolidated annual accounts of ING Bank - continued
Profit and loss account – Taxation
Netherlands
International
Total
2015
2014
2013
2015
2014
2013
2015
2014
2013
Current taxation
6
3
3
1,412
1,099
1,032
1,418
1,102
1,035
Deferred taxation
407
–127
73
–141
57
–28
266
–70
45
413
–124
76
1,271
1,156
1,004
1,684
1,032
1,080
For the year 2015 the tax charge in the Netherlands increased with EUR 537 million (2014: decreased with EUR 200 million) to EUR 413
million (2014: negative EUR 124 million) caused by higher results (2014: lower results).
2015
2014
2013
Result before tax from continuing operations
6,415
3,855
4,233
Weighted average statutory tax rate
27.3%
29.4%
29.8%
Weighted average statutory tax amount
1,748
1,132
1,263
Participation exemption
–46
–44
–36
Other income not subject to tax
–160
–169
–165
Expenses not deductible for tax purposes
151
185
114
Impact on deferred tax from change in tax rates
12
–2
Deferred tax benefit from previously unrecognised amounts
54
38
–22
Current tax benefit from previously unrecognised amounts
–63
–58
–24
Write-off/reversal of deferred tax assets
18
1
40
Adjustment to prior periods
–30
–51
–90
Effective tax amount
1,684
1,032
1,080
Effective tax rate
26.2%
26.8%
25.5%
The weighted average statutory tax rate in 2015 is lower compared to 2014. This is mainly caused by the increase in the result in 2015
in the Netherlands.
The weighted average statutory tax rate in 2014 compared to 2013 does not differ significantly.
The effective tax rate in 2015 is 26.2%.
The effective tax rate in 2015 is lower than the weighted average statutory tax rate. This is mainly caused by non-taxable income, the
recognition of tax benefits from previously unrecognised amounts and prior year adjustments which are only partly offset by non-
deductible items.
The effective tax rate in 2014 is lower than the weighted average statutory tax rate. This is mainly caused by non-taxable income, the
recognition of tax benefits from previously unrecognised amounts and prior year adjustments which are only partly offset by non-
deductible items.
The effective tax rate in 2013 was lower than the weighted average statutory tax rate. This was mainly caused by non-taxable income
and prior year adjustments which are only partly offset by non-deductible expenses and write-off of deferred tax assets.
Tax exempt income (participation exemption) mainly includes non-taxable income on divestments, tax exempt share in result from
associates and joint ventures and tax exempt gains on financial assets.
Adjustment to prior periods in 2013 related to a true-up of tax positions.
Taxation by type
Reconciliation of the weighted average statutory income tax rate to ING Bank’s effective income tax rate
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