Financial Statements 2021
4. Notes to the IFRS Company Financial Statements /
8.
Income Taxes
The Company is tax registered in the Netherlands. The Company is heading a fiscal unity, which also includes Airbus Group Finance B.V. until 31 December 2021 (see “– Note 9: Investments in Subsidiaries, Associates and Participations”), Airbus Defence and Space Netherlands B.V. and therefore the Company is severally and jointly liable for income tax liabilities of the fiscal unity as a whole. Income taxes — The tax expense for the year comprises deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised directly in other comprehensive income.
The amount of income tax included in the Income Statement is determined in accordance with the rules established by the tax authorities in the Netherlands, based on which income taxes are payable or recoverable. Deferred tax assets and/or liabilities, arising from temporary differences between the carrying amounts of assets and liabilities and the tax base of assets and liabilities, are calculated using the substantively enacted tax rates expected to apply when they are realised or settled. Deferred tax assets are recognised if it is probable that they will be realised.
The expense for income taxes is comprised of the following:
2021
2020
(In € million)
Current tax income (expense)
0
0
1
(3)
Deferred tax income (expense)
Total
1
(3)
The following table shows reconciliation from the theoretical income tax (expense) using the Dutch corporate tax rate to the reported income tax (expense):
2021
2020
(In € million)
Profit (loss) before income taxes
(115)
3,157
25.0%
25.0%
Corporate income tax rate
29
(789)
Expected income (expense) for income taxes
3
0
Effects from tax rate differentials / Change of tax rate
0
901
Non-taxable agreements reached with Airbus companies
18
(33)
Non-taxable income from investment and associates
0
19
Option liability exchangeable bond
Income from other companies within the fiscal unity
0
0
34
(79)
Impairment on investment and associates
22
(22)
Other non-deductible expenses and tax-free income
(105)
0
Changes in valuation allowances (1)
Reported income (expense) for income taxes
1
(3)
(1) Reassessment of recoverability of deferred tax assets based on future taxable profits.
Deferred income taxes as of 31 December 2021 are related to the following assets and liabilities:
Movement through income statement Deferred tax benefit (expense)
4
Other movements
31 December 2021
1 January 2021
Deferred tax assets
Deferred tax liabilities OCI Others
Deferred tax assets
Deferred tax liabilities
(In € million)
Securities
0
(41)
26
0
0
0
(15)
Financial instruments
4
0
0
0
11
15
Net operating loss and tax loss carry forwards
10
0
0
0
(10)
0
0
Deferred tax assets (liabilities) before offsetting
14
(41)
26
0 0 0
1 0 1
15
(15)
Set-off
(14)
14
0
(15)
15
Net deferred tax assets (liabilities)
0
(27)
26
0
0
95
Airbus / Financial Statements 2021
Made with FlippingBook - Online catalogs