Notes to the Financial Statements
10. Taxation
(a) Tax expense included in Profit and Loss
2022 | 2021 | |
|---|---|---|
€’000 | €’000 | |
Current tax: | ||
Based on Port activity profits for the year: | ||
Corporation Tax at an effective rate of 12.5% (2021:12.5%) | (4,254) | (3,065) |
Based on Passive income | ||
Corporation Tax at an effective rate of 25% (2021:25%) | (2,944) | (300) |
(7,198) | (3,365) | |
Adjustments in respect of prior periods | 169 | 193 |
Total current tax | (7,029) | (3,172) |
Deferred tax: | ||
Timing differences between pension contributions paid and pensions charged | (3) | 84 |
Timing differences on accelerated Capital Allowances | (143) | (876) |
Total deferred tax | (146) | (792) |
Total tax charge | (7,175) | (3,964) |
|
(b) Tax expense included in other Comprehensive Income | ||
Deferred tax | ||
- Deferred tax related to defined benefit pension re-measurement (gain)/loss | (648) | 298 |
Total tax (expense)/income included in Other Comprehensive Income | (648) | 298 |
(c) Reconciliation of tax charge
The total Corporation Tax charge for the financial year is higher (2021: higher) than the total tax charge that would result from applying the standard rate of Irish Corporation Tax. The differences are explained below:
2022 | 2021 | |
|---|---|---|
€’000 | €’000 | |
Profit before Tax | 48,512 | 29,959 |
Profit before tax multiplied by the average rate of | ||
Irish Corporation Tax for the year of 12.5% (2021:12.5%) | (6,064) | (3,745) |
Effects of: | ||
Unrecognised deferred tax | 955 | - |
Expenses not deductible for tax purposes | (763) | (262) |
Passive income liable to tax at 25% |
(1,472) |
(150) |
Adjustment in respect of prior year | 169 | 193 |
Total tax charge for the year | (7,175) | (3,964) |