IE Domain Registry Annual Report 2019

IE Domain Registry  Annual Report & Review  2019 55 Financial Statements 7. Taxation 7(a). Current year taxation 2019 2018 € € Current year taxation Corporation tax on the profit for the year on Ordinary activities 14,611 5,433 Deferred taxation Origination/(reversal) of timing differences 46,932 (29,591) 61,543 (24,158) 7(b). Factors affecting tax charge for year 2019 2018 € € Profit on ordinary activities before tax 292,981 44,243 Profit on ordinary activities multiplied by standard rate of Corporation Tax in Ireland of 12.5% 36,623 5,530 Effects of: Capital allowances for period (greater than) / less than depreciation (2,151) (3,280) Income at higher rates of taxation 2,338 3,121 Expenses not allowable for tax purposes 4,501 4,198 Movement in financial investment valuation unrealised – so not chargeable for tax purposes (24,247) 15,254 Losses used against current year and preceding year profits/losses available for future use (2,453) (19,390) Other timing differences 46,932 (29,591) Current tax charge/(credit) for year (Note 7(a)) 61,543 (24,158)