Income Tax Expense (Tables)

12 Months Ended

Dec. 31, 2022


Recognised within the Consolidated Income Statement
	2022	2021	2020
Continuing operations	$m	$m	$m
(a) Current tax
Republic of Ireland	34	15	23
Overseas	731	548	520
Total current tax expense	765	563	543
(b) Deferred tax
Origination and reversal of temporary differences:
Retirement benefit obligations	(4)	2	(9)
Share-based payment expense	1	(6)	(2)
Derivative financial instruments	(4)	2	-
Other items	27	100	(87)
Total deferred tax expense/(income)	20	98	(98)


Income tax reported in the Consolidated Income Statement	785	661	445

Recognised outside the Consolidated Income Statement

(a) Within the Consolidated Statement of Comprehensive Income:
Deferred tax - retirement benefit obligations	(63)	(36)	11
Deferred tax - cash flow hedges	(14)	(8)	-
	(77)	(44)	11
(b) Within the Consolidated Statement of Changes in Equity:

Current tax
Current tax - share option exercises	7	14	2

Deferred tax
Deferred tax - share-based payment expense	(10)	10	(1)
Deferred tax - cash flow hedges	17	-	-
	14	24	1
Income tax recognised outside the Consolidated Income Statement	(63)	(20)	12


	2022		2021		2020
Reconciliation of applicable tax rate to effective tax rate
Continuing operations
Profit before tax ($m)	3,469		3,103		1,454
Tax charge expressed as a percentage of profit before tax (effective tax rate):
- current tax expense only	22.1	%	18.1	%	37.3	%
- total income tax expense (current and deferred)	22.6	%	21.3	%	30.6	%

The following table reconciles the applicable Republic of Ireland statutory tax rate to the effective tax rate (current and deferred) of the Group:


	% of profit before tax
Irish corporation tax rate	12.5	12.5	12.5
Higher tax rates on overseas earnings	9.8	9.6	10.4
Other items
- arising from 2020 impairment	-	-	9.4
- other items (primarily comprising items not chargeable to tax/expenses not deductible for tax)	0.3	(0.8)	(1.7)
Total effective tax rate	22.6	21.3	30.6