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Income tax | 12 Months Ended
--- | ---
Dec. 31, 2019
Statement [LineItems] |
Income tax | 18 Income tax
|  | Note |  |  | 2019 |  |  | 2018 |  |  | 2017 |
Current tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current year |  |  |  |  |  |  | 118 |  |  |  | 54 |  |  |  | 220 |
Adjustments to prior years |  |  |  |  |  |  | (14) |  |  |  | (36 | ) |  |  | 47 |
|  |  |  |  |  |  | 104 |  |  |  | 18 |  |  |  | 267 |
Deferred tax |  |  | 40 |  |  |  |  |  |  |  |  |  |  |  |  |
Origination / (reversal) of temporary differences |  |  |  |  |  |  | 69 |  |  |  | 23 |  |  |  | 397 |
Changes in tax rates / bases |  |  |  |  |  |  | 33 |  |  |  | (30 | ) |  |  | (550 | )
Changes in deferred tax assets as a result of recognition / write off of previously not recognized / recognized tax losses, tax credits and deductible temporary differences |  |  |  |  |  |  | 4 |  |  |  | (35 | ) |  |  | (45 | )
Non-recognition of deferred tax assets |  |  |  |  |  |  | 17 |  |  |  | 17 |  |  |  | 41 |
Adjustments to prior years |  |  |  |  |  |  | (8) |  |  |  | 48 |  |  |  | (45 | )
|  |  |  |  |  |  | 114 |  |  |  | 22 |  |  |  | (201 | )
Income tax for the period (income) / charge |  |  |  |  |  |  | 218 |  |  |  | 40 |  |  |  | 65 |
Adjustments to prior years include shifts between current and deferred tax.
Reconciliation between standard and effective income tax: |  | 2019 |  |  | 2018 |  |  | 2017 |
Income before tax |  |  | 1,457 |  |  |  | 751 |  |  |  | 2,534 |
Income tax calculated using weighted average applicable statutory tax rates |  |  | 293 |  |  |  | 178 |  |  |  | 745 |
Difference due to the effects of: |  |  |  |  |  |  |  |  |  |  |  |
Non-taxable income |  |  | (76) |  |  |  | (80 | ) |  |  | (157 | )
Non-tax deductible expenses |  |  | 22 |  |  |  | 28 |  |  |  | 28 |
Changes in tax rate/base |  |  | 33 |  |  |  | (30 | ) |  |  | (550 | )
Different tax rates on overseas earnings |  |  | (1) |  |  |  | - |  |  |  | (1 | )
Tax credits |  |  | (67) |  |  |  | (68 | ) |  |  | (67 | )
Other taxes |  |  | 57 |  |  |  | 29 |  |  |  | 67 |
Adjustments to prior years |  |  | (22) |  |  |  | 11 |  |  |  | 2 |
Origination and change in contingencies |  |  | - |  |  |  | 2 |  |  |  | 9 |
Changes in deferred tax assets as a result of recognition / write off of previously not recognized / recognized tax losses, tax credits and deductible temporary differences |  |  | 4 |  |  |  | (35 | ) |  |  | (45 | )
Non-recognition of deferred tax assets |  |  | 17 |  |  |  | 17 |  |  |  | 41 |
Tax effect of (profit) / losses from joint ventures and associates |  |  | (11) |  |  |  | (9 | ) |  |  | (7 | )
Other |  |  | (31) |  |  |  | (3 | ) |  |  | (1 | )
|  |  | (76) |  |  |  | (138 | ) |  |  | (680 | )
Income tax for the period (income) / charge |  |  | 218 |  |  |  | 40 |  |  |  | 65 |
The weighted average applicable statutory tax rate for 2019 is 20.1% (2018: 23.7%; 2017: 29.4%). The decrease in the weighted average applicable statutory tax rate compared to 2018 is mainly due to the relatively high contribution of income before tax in the United States versus the negative income before tax in the Netherlands and the United Kingdom. Non-taxable income in 2019 comprises of the regular non-taxable items such as the Dividend Received Deduction in the US and the Participation Exemption in the Netherlands. Compared to 2017 the non-taxable income decreased because of the decrease of the US corporate income tax rate from 35% to 21% as from January 1, 2018. Non-taxable income in 2017 includes the tax exempt sale proceeds of the Dutch Unirobe Meeùs Group. Changes in tax rate/base in 2017 highly benefited by the decrease of the US corporate income tax rate from 35% to 21% as from January 1, 2018. In the Netherlands, the corporate income tax rate will decrease from 25% to 21.7% as from January 1, 2021. The beneficial impact of the previous enacted tax rate change in the Netherlands is included in the 2018 change in tax rate/base. In 2019 part of this beneficial impact is reversed due to the new enacted tax rate. In the UK, the corporate income tax rate will decrease from 19% to 17% with effect from April 1, 2020. Tax credits include tax benefits from US investments that provide affordable housing to individuals and families that meet median household income requirements. Adjustments to prior year consists of one time tax benefit in the Netherlands in respect of the 2017 and 2018 tax returns filed. Other mainly relates to the one off tax benefit in the UK due to the release of the historic deferred tax balances held in respect of the pension scheme deficit when the Defined Benefit pension scheme moved to surplus. The following tables present income tax related to components of other comprehensive income and retained earnings.
|  |  |  |  | 2019 |  |  | 2018 |  |  | 2017 |
Items that will not be reclassified to profit and loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Changes in revaluation reserve real estate held for own use |  |  |  |  |  |  | 1 |  |  |  | 7 |  |  |  | 9 |
Remeasurements of defined benefit plans |  |  |  |  |  |  | 90 |  |  |  | (15 | ) |  |  | (175 | )
|  |  |  |  |  |  | 92 |  |  |  | (8 | ) |  |  | (166 | )
Items that may be reclassified subsequently to profit and loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Gains) / losses on revaluation of available-for-sale investments |  |  |  |  |  |  | (724) |  |  |  | 531 |  |  |  | (157 | )
(Gains) / losses transferred to the income statement on disposal and impairment of available-for-sale investments |  |  |  |  |  |  | 94 |  |  |  | (17 | ) |  |  | 441 |
Changes in cash flow hedging reserve |  |  |  |  |  |  | 3 |  |  |  | 1 |  |  |  | 567 |
Movement in foreign currency translation and net foreign investment hedging reserve |  |  |  |  |  |  | (5) |  |  |  | (20 | ) |  |  | 76 |
|  |  |  |  |  |  | (632) |  |  |  | 494 |  |  |  | 927 |
Total income tax related to components of other comprehensive income |  |  |  |  |  |  | (541) |  |  |  | 486 |  |  |  | 762 |
In 2017, the income tax related to components of OCI included a deferred tax benefit of EUR 479 million caused by the decrease of the US corporate income tax rate from 35% to 21% as from January 1, 2018.
|  |  |  |  | 2019 |  |  | 2018 |  |  | 2017 |
Income tax related to equity instruments and other |  |  |  |  |  |  |  |  |  |  |  |
Income tax related to equity instruments |  |  | 31 |  |  |  | 51 |  |  |  | 38 |  |  |  | 44 |
Other |  |  |  |  |  |  | (1) |  |  |  | (12 | ) |  |  | 14 |
Total income tax recognized directly in retained earnings |  |  |  |  |  |  | 50 |  |  |  | 26 |  |  |  | 58 |
Aegon N.V [member] |
Statement [LineItems] |
Income tax | 7 Income tax
|  | 2019 |  |  | 2018 |
Current Tax |  |  |  |  |  |  |  |
Current Tax |  |  | 40 |  |  |  | 2 |
Income tax for the period (income) / charge |  |  | 40 |  |  |  | 2 |
Reconciliation between standard and effective tax |  |  |  |  |  |  |  |
Income before tax |  |  | (181 | ) |  |  | (124 | )
Tax on income on Dutch corporate income tax rate |  |  | 45 |  |  |  | 31 |
Differences due to the effect of: |  |  |  |  |  |  |  |
Non deductible expenses |  |  | (6 | ) |  |  | (5 | )
Adjustments prior year |  |  | - |  |  |  | (24 | )
Total |  |  | 40 |  |  |  | 2 |

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