24 Staff costs
26 Income tax
25 Regulatory levies
Contents Introduction Management report Appendices Corporate governance Consolidated Financial Statements Company Financial Statements
In millions of euros
2017
2016
Wages and salaries
2,084
2,283
Social security contributions and insurance costs
222
243
Pension costs
520
429
Other staff costs
566
511
Total staff costs
3,392
3,466
The average number of internal and external employees 36,547
(2016:26,838), of which 3,106 outside the Netherlands (2016:
3,110). Expressed in FTEs, the average number of internal and
external employees was 34,083 (2016: 25,121).
The major components of the income tax is included below.
In millions of euros
2017
2016
Income tax
Reporting period
343
(34)
Adjustments of previous years
(15)
(6)
Deferred tax
(53)
95
Total income tax
275
55
Effective tax rate
9.5%
2.7%
Applicable tax rate
25.0%
25.0%
The regulatory levies consist of bank tax, contributions to the
single resolution fund and the deposit guarantee scheme.
Banks operating in the Netherlands on 1 October of the current
year are required to pay bank tax. There are two rates of bank
tax: A rate of 0.044% for current liabilities and a rate of 0.022%
for long-term liabilities, based on the balance on December
2016. In 2017, Rabobank was charged a total of 136 (2016:138).
In 2017, the bank levy in Ireland amounted to 7 (2016:4). In
2017, the bank levy in Belgium amounted to 11
On 1 January 2016 the European Single Resolution Fund (SRF)
was set up. This fund has been established to improve the
effectiveness of resolution instruments. Banks and investment
firms that are in the scope of the SRM-regulation are obliged
to contribute to the SRF. In 2017, the contribution to the Single
Resolution Fund amounted to 152 (2016:151).
Per the end of 2015, the new pre-funded deposit guarantee
scheme was introduced. As of 2016, banks have to pay a
premium on a quarterly basis. Target size of the scheme is 0.8%
of total guaranteed deposits of all banks together. In 2017,
the contribution to the Deposit Guarantee Scheme amounted
to 140 (2016: 131).
The effective tax rate differs from the applicable tax rate
in 2017 mainly because of the net inclusion of income
from group entities and the partial deduction of interest
payments on Capital Securities.
Rabobank Annual Report 2017 - Company financial statements
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