Income tax (Tables)

12 Months Ended

Dec. 31, 2018


	Note		2018			2017			2016
Current tax
Current year				54			220			33
Adjustments to prior years				(36	)		47			(46	)
				18			267			(13	)
Deferred tax		43
Origination/(reversal) of temporary differences				23			397			102
Changes in tax rates/bases				(30	)		(550	)		93
Changes in deferred tax assets as a result of recognition/write off of previously not recognized/recognized tax losses, tax credits and deductible temporary differences				(35	)		(45	)		(54	)
Non-recognition of deferred tax assets				17			41			33
Adjustments to prior years				48			(45	)		12
				22			(201	)		185
Income tax for the period (income)/charge				40			65			172


Adjustments to prior years include shifts between current and deferred tax.

Reconciliation between standard and effective income tax:	2018			2017			2016
Income before tax		751			2,534			610
Income tax calculated using weighted average applicable statutory tax rates		178			745			239

Difference due to the effects of:
Non-taxable income		(80	)		(157	)		(126	)
Non-tax deductible expenses		28			28			21
Changes in tax rate/base		(30	)		(550	)		93
Different tax rates on overseas earnings		-			(1	)		8
Tax credits		(68	)		(67	)		(41	)
Other taxes		29			67			38
Adjustments to prior years		11			2			(34	)
Origination and change in contingencies		2			9			8
Changes in deferred tax assets as a result of recognition/write off of previously not recognized/recognized tax losses, tax credits and deductible temporary differences		(35	)		(45	)		(54	)
Non-recognition of deferred tax assets		17			41			33
Tax effect of (profit)/losses from joint ventures and associates		(9	)		(7	)		(7	)
Other		(3	)		(1	)		(6	)
		(138	)		(680	)		(67	)
Income tax for the period (income)/charge		40			65			172

The following tables present income tax related to components of other comprehensive income and retained earnings.


			2018			2017			2016
Items that will not be reclassified to profit and loss:
Changes in revaluation reserve real estate held for own use				7			9			(3	)
Remeasurements of defined benefit plans				(15	)		(175	)		89
				(8	)		(166	)		86
Items that may be reclassified subsequently to profit and loss:
Gains/losses on revaluation of available-for-sale investments				530			(134	)		(187	)
Gains/losses transferred to the income statement on disposal and impairment of available-for-sale investments				(17	)		441			427
Changes in cash flow hedging reserve				1			567			24
Movement in foreign currency translation and net foreign investment hedging reserve				(20	)		76			(39	)
				493			951			225
Total income tax related to components of other comprehensive income				485			785			311


	Note		2018			2017			2016
Income tax related to equity instruments and other
Income tax related to equity instruments		33		38			44			44
Other				(12	)		14			(3	)
Total income tax recognized directly in retained earnings				26			58			41


	2018		2017
Current Tax

Current Tax	2		1

Income tax for the period (income)/charge	2		1

Reconciliation between standard and effective tax

Income before tax	(124	)	(43	)

Tax on income on Dutch corporate income tax rate	31		11

Differences due to the effect of:

Non deductible expenses	(5	)	(11	)

Adjustments prior year	(24	)	-
Total	2		1