4 Deferred tax assets
The deferred tax asset of €52 million relates to net operating losses and temporary differences in the Dutch fiscal unity, of which €33 million is recoverable within 1 year. The decrease of the deferred tax asset in 2022 relates mainly to movements of temporary differences and partly relating to the DPM divestment. The increase in the effective tax rate from 2.5% in 2021 to 21% in 2022 was mainly due to a one-time effect related to the divestment of the RFM business in 2021.
DSM Protective Materials
Resins & Functional Materials and associated businesses