7.5.8Deferred taxes
Deferred taxes
| | 31 December 2023 | 31 December 2022 |
|---|---|---|
| Deferred tax assets | 636 | 318 |
| | | |
| Net Deferred tax | 636 | 318 |
Deferred taxes are formed for differences between the carrying amount of assets and liabilities and their tax base at the enacted tax rate, taking into account tax-exempt components. The current tax rate is 25.8% (2022: 25.8%). The deferred taxes are calculated with the enacted tax rate of 25.8%.
Deferred tax assets and liabilities are expected to be recovered more than one year after the balance sheet date.
Changes in deferred taxes
| | 1 January 2023 | Changes recognised in profit or loss | Changes recognised in other comprehensive income | Changes in composition of the group | 31 December 2023 |
|---|---|---|---|---|---|
| Financial assets held for trading | 147 | -244 | - | -122 | -219 |
| Investments | 87 | -572 | -49 | 1,083 | 549 |
| Investment property | -76 | 15 | - | -646 | -707 |
| Property, plant and equipment | -16 | 8 | -1 | 13 | 4 |
| Intangible assets | -19 | 5 | - | -69 | -83 |
| Liabilities arising from insurance contracts | 487 | 402 | - | 581 | 1,470 |
| Employee benefits | -86 | -9 | 42 | -127 | -180 |
| Amounts received in advance | - | -11 | - | -67 | -78 |
| Fiscal reserves | -82 | 22 | - | - | -60 |
| Other | -123 | 222 | - | -159 | -61 |
| | | | | | |
| Net deferred tax | 318 | -161 | -9 | 487 | 636 |
Changes in deferred taxes
| | 1 January 2022 | Changes recognised in profit or loss | Changes recognised in other comprehensive income | Changes in composition of the group | 31 December 2022 |
|---|---|---|---|---|---|
| Financial assets held for trading | -1,332 | 1,479 | - | - | 147 |
| Investments | -1,217 | 1,235 | 68 | - | 87 |
| Investment property | -400 | 324 | -5 | 5 | -76 |
| Property, plant and equipment | -20 | 2 | 2 | - | -16 |
| Intangible assets | -21 | 2 | - | - | -19 |
| Liabilities arising from insurance contracts | 3,071 | -2,584 | - | - | 487 |
| Employee benefits | 48 | 174 | -308 | - | -86 |
| Fiscal reserves | -187 | 105 | - | - | -82 |
| Other | 55 | -178 | - | - | -123 |
| | | | | | |
| Net deferred tax | -3 | 559 | -244 | 6 | 318 |
In 2023, the increase in the deferred tax asset is mainly caused by the acquisition of Aegon NL, see chapter 7.4.5. Deferred taxes recognised in other mainly relates to the adoption of new accounting standards IFRS 9 and IFRS 17 and to the acquisition of Aegon NL.