| (all amounts in Euro thousands) |
Group |
Company |
|
2013 |
2012 |
2013 |
2012 |
| Current tax |
18.509 |
19.125 |
- |
- |
| Deferred tax (note 18) |
-898 |
-3.882 |
-4.767 |
-2.342 |
| Non deductible taxes and differences from tax audit |
1.745 |
2.283 |
1.150 |
1.126 |
|
19.356 |
17.526 |
-3.617 |
-1.216 |
The tax on Group profit differs from the amount that would arise had the Group used the nominal tax rate of the country in which the parent Company is based as follows:
| (all amounts in Euro thousands) |
Group |
Company |
|
2013 |
2012 |
2013 |
2012 |
| Loss before tax |
-9.640 |
-1.302 |
-46.771 |
-16.768 |
| Tax calculated at the statutory tax rate of 26% (2012: 20%) |
-2.506 |
-260 |
-12.160 |
-3.354 |
| Tax adjustments in respect of: |
|
|
|
|
| Income not subject to tax |
-2.905 |
-2.471 |
- |
-458 |
| Expenses not deductible for tax purposes |
6.103 |
7.061 |
978 |
1.470 |
| Dividends tax |
753 |
2.004 |
- |
- |
Provision for tax on tax exempt reserves under special laws
based N.4172/2013 |
4.509 |
- |
4.234 |
- |
| Other taxes |
1.745 |
2.144 |
1.150 |
1.126 |
| Re-measurement of deferred tax - change in Greek tax rate |
4.963 |
- |
2.181 |
- |
| Effect of unrecognized deferred tax asset on tax carry forward losses |
24.117 |
26.579 |
- |
- |
| Tax incentives |
-2.150 |
-3.153 |
- |
- |
| Effect of different tax rates in other countries |
-14.915 |
-14.294 |
- |
- |
| Provision's adjustments in respect of prior years |
-358 |
-84 |
- |
- |
| Effective tax charge |
19.356 |
17.526 |
-3.617 |
-1.216 |
In accordance with the paragraph 11 of article 70 of L.4172/2013, tax exempt reserve formed under the terms of L.2238/1994 can offset tax losses at the rate of 26% or be distributed after deducting 19% tax. The Group and the Company have chosen to offset the losses by recognizing tax provision of €4.5 mil. and €4.2 mil. respectively.
On December 31, 2013, certain Group entities had tax carry forward losses of about €452.7 mil. (2012: €356,8 mil.). These entities have recognized a deferred tax asset amounting to €68.0 mil. (2012: €59.3 mil.), attributable to losses amounting to €197.8 mil. (2012: €179.0 mil.). For the remaining tax carry forward losses, no deferred tax asset has been recognized, since they did not meet the recognition criteria according to IAS 12 (note 18).
Of the above tax carry forward losses, €184.4 mil. expire in the period 2014-2018, while €268.3 mil. expire at various dates up to the period 2029-2032.
On December 31, 2013, the Company had recognized deferred tax assets amounting to €19.6 mil. (2012: €6.9 mil.) on tax carry forward losses which met the recognition criteria. The tax losses of the Company can be utilized up to (and including) years 2017-2018.