Notes to the Financial Statements
10. Taxation
(a) Tax expense included in Profit and Loss
2020 | 2019 | |
|---|---|---|
€’000 | €’000 | |
Current tax: | ||
Based on Port activity profits for the year: | ||
Corporation Tax at an effective rate of 12.5% (2019:12.5%) | (4,249) | (5,165) |
Based on non-Port activity profits | ||
Corporation Tax at an effective rate of 25% (2019:25%) | (310) | (311) |
(4,559) | (5,476) | |
Adjustments in respect of prior periods | - | 102 |
Total current tax | (4,559) | (5,374) |
Deferred tax: | ||
Timing differences between pension contributions paid and pensions charged | 66 | (9) |
Timing differences on accelerated Capital Allowances | (945) | (591) |
Total deferred tax | (879) | (600) |
Total tax charge | (5,438) | (5,974) |
|
(b) Tax expense included in other Comprehensive Income | ||
Deferred tax | ||
- Deferred tax related to defined benefit pension re-measurement (gain)/loss | (1,024) | 651 |
Total tax (expense)/income included in other Comprehensive Income | (1,024) | 651 |
(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:
2020 | 2019 | |
|---|---|---|
€’000 | €’000 | |
Profit on Ordinary Activities Before Tax | 39,689 | 44,619 |
Profit on ordinary activities multiplied by the average rate of | ||
Irish Corporation Tax for the year of 12.5% (2019:12.5%) | (4,961) | (5,577) |
Effects of: | ||
Disallowable expenses | (322) | (343) |
Passive income liable to tax at 25% | (155) | (156) |
Adjustment to tax charge in respect of prior year | - | 102 |
Total tax charge for the year | (5,438) | (5,974) |