Notes to the Financial Statements
10. Taxation
(a) Tax expense included in Profit and Loss
2021 | 2020 | |
|---|---|---|
€’000 | €’000 | |
Current tax: | ||
Based on Port activity profits for the year: | ||
Corporation Tax at an effective rate of 12.5% (2020:12.5%) | (3,065) | (4,249) |
Based on non-Port activity profits | ||
Corporation Tax at an effective rate of 25% (2020:25%) | (300) | (310) |
(3,365) | (4,559) | |
Adjustments in respect of prior periods | 193 | - |
Total current tax | (3,172) | (4,559) |
Deferred tax: | ||
Timing differences between pension contributions paid and pensions charged | 84 | 66 |
Timing differences on accelerated Capital Allowances | (876) | (945) |
Total deferred tax | (792) | (879) |
Total tax charge | (3,964) | (5,438) |
|
(b) Tax expense included in other Comprehensive Income | ||
Deferred tax | ||
Deferred tax related to defined benefit pension re-measurement (gain)/loss | 298 | (1,024) |
Total tax (expense)/income included in other Comprehensive Income | 298 | (1,024) |
(c) Reconciliation of tax charge
The total Corporation Tax charge for the financial year is higher (2019: higher) than the total tax charge that would result from applying the standard rate of Irish Corporation Tax to profit on ordinary activities. The differences are explained below:
2021 | 2020 | |
|---|---|---|
€’000 | €’000 | |
Profit on Ordinary Activities Before Tax | 29,959 | 39,689 |
Profit on ordinary activities multiplied by the average rate of | ||
Irish Corporation Tax for the year of 12.5% (2020:12.5%) | (3,745) | (4,961) |
Effects of: | ||
Disallowable expenses | (262) | (322) |
Passive income liable to tax at 25% | (150) | (155) |
Adjustment to tax charge in respect of prior year | 193 | - |
Total tax charge for the year | (3,964) | (5,438) |