5 Deferred tax assets

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The deferred tax asset of €132 million relates to net operating losses and temporary differences in the Dutch fiscal unity, of which €44 million is recoverable within 1 year. Main movement of the deferred tax asset in 2020 is a tax income of €24 million was included, which represents an effective tax rate of 23.3% (2019: tax income of €23 million, representing an effective tax rate of 32.4%). Other movements of the deferred tax assets (mainly settlements with group companies and utilization of net operating gain) amounts to €9 million (2019: -€34 million).

The effective tax rate in 2020 was positively impacted by tax exempt income and non-deductible expenses. In 2019 the tax exempt and non-deductible items caused an increase of the effective tax rate, together with some other effects.