4 Deferred tax assets

The deferred tax asset of €97 million relates to net operating losses and temporary differences in the Dutch fiscal unity, of which €56 million is recoverable within 1 year. The decrease of the deferred tax asset in 2021 relates mainly to reversal of temporary differences and uncertainties under local law. The decrease in the effective tax rate from 23.3% in 2020 to 2.5% in 2021 was mainly due to tax exempt income related to the divestment of the RFM business, partly compensated by non-deductible costs and uncertainties under local law.