Q4 - Exceptional items affecting the corporate tax
Interview of Cyril Meilland, Head of financial communication at Crédit Agricole S.A. Group
The fourth quarter of 2017 was marked by a number of exceptional tax-related factors. The amended finance bill for 2017 introduced a one-off measure and a surtax on corporate income tax, representing a 10% increase in the tax rate and an additional cost of €343 million for the Crédit Agricole Group (€350m including minority interests) and €326 million for Crédit Agricole S.A. Another one-off measure was the reduction in the tax rate approved at the end of 2017 in France and the United States, requiring an adjustment in the value of deferred tax assets. The combined effect of these one-off tax measures represents a reduction in net income Group share of €384 million for Crédit Agricole S.A. and €671 million for the Group, which will not affect underlying income.