Notes to the Financial Statements
10. Taxation
(a) Tax expense included in Profit and Loss
2023 | 2022 | |
|---|---|---|
€’000 | €’000 | |
Current tax: | ||
Based on Port activity profits for the year: | ||
Corporation Tax at an effective rate of 12.5% (2022:12.5%) | (2,998) | (4,254) |
Based on Passive income | ||
Corporation Tax at an effective rate of 25% (2022:25%) | (910) | (2,944) |
(3,908) | (7,198) | |
Adjustments in respect of prior periods | 52 | 169 |
Total current tax | (3,856) | (7,029) |
Deferred tax: | ||
Timing differences between pension contributions paid and pensions charged | (304) | (3) |
Timing differences on accelerated Capital Allowances | (1,365) | (143) |
Total deferred tax | (1,669) | (146) |
Total tax charge | (5,525) | (7,175) |
|
(b) Tax expense included in other Comprehensive Income | ||
Deferred tax | ||
- Deferred tax related to defined benefit pension re-measurement loss/(gain) | 940 | (648) |
Total tax (expense)/income included in Other Comprehensive Income | 940 | (648) |
(c) Reconciliation of tax charge
The total Corporation Tax charge for the financial year is higher (2022: higher) than the total tax charge that would result from applying the standard rate of Irish Corporation Tax. The differences are explained below:
2023 | 2022 | |
|---|---|---|
€’000 | €’000 | |
Profit before Tax | 35,019 | 48,512 |
Profit before tax multiplied by the average rate of | ||
Irish Corporation Tax for the year of 12.5% (2022:12.5%) | (4,377) | (6,064) |
Effects of: | ||
Unrecognised deferred tax | (3) | 955 |
Expenses not deductible for tax purposes | (742) | (763) |
Passive income liable to tax at 25% |
(455) |
(1,472) |
Adjustment in respect of prior year | 52 | 169 |
Total tax charge for the year | (5,525) | (7,175) |