Notes to the Financial Statements
10. Taxation
(a) Tax expense included in Profit and Loss
2019 | 2018 | |
|---|---|---|
€’000 | €’000 | |
Current tax: | ||
Based on Port activity profits for the year: | ||
Corporation Tax at an effective rate of 12.5% (2018:12.5%) | (5,165) | (5,542) |
Based on non-Port activity profits | ||
Corporation Tax at an effective rate of 25% (2018:25%) | (311) | (349) |
(5,476) | (5,891) | |
Adjustments in respect of prior periods | 102 | 2 |
Total current tax | (5,374) | (5,889) |
Deferred tax: | ||
Timing differences between pension contributions paid and pensions charged | (9) | (27) |
Timing differences on accelerated Capital Allowances | (591) | (416) |
Over provision in prior year | - | (2) |
Total deferred tax | (600) | (445) |
Total tax charge | (5,974) | (6,334) |
(b) Tax expense included in other Comprehensive Income | ||
Deferred tax | ||
- Deferred tax related to defined benefit pension re-measurement loss /(gain) | 651 | (297) |
Total tax expense included in other Comprehensive Income/(loss) | 651 | (297) |
(c) Reconciliation of tax charge
The total Corporation Tax charge for the financial year is lower (2018: lower) 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:
2019 | 2018 | |
|---|---|---|
€’000 | €’000 | |
Profit on Ordinary Activities Before Tax | 44,619 | 47,855 |
Profit on ordinary activities multiplied by the average rate of | ||
Irish Corporation Tax for the year of 12.5% (2018:12.5%) | (5,577) | (5,982) |
Effects of: | ||
Disallowable expenses | (343) | (252) |
Non-taxable income | - | 75 |
Passive income liable to tax at 25% | (156) | (175) |
Adjustment to tax charge in respect of prior year | 102 | - |
Total tax charge for the year | (5,974) | (6,334) |