Group	Note	NARL €'000	NAMA Group (excluding NARL) €'000	2013 NAMA Group €'000	2012 NAMA Group €'000
Current tax
Irish corporation tax		-	(35)	(35)	(450)
Deferred tax
On fair value gains and losses on derivatives		2,051	(30,993)	(28,942)	26,424
On unutilised tax losses forward	28	-	(40,825)	(40,825)	(102,240)
Total deferred tax recognised in income statement		2,051	(71,818)	(69,767)	(75,816)
Total taxation credit / (charge)		2,051	(71,853)	(69,802)	(76,266)

The reconciliation of tax on profit at the relevant Irish corporation rate to the Group's actual tax (charge) / credit for the year is as follows:

Reconciliation of tax on profits
Group	NARL €'000	NAMA Group (excluding NARL) €'000	2013 NAMA Group €'000	2012 NAMA Group €'000
Profit / (loss) before tax	(8,202)	291,606	283,404	308,219
Tax calculated at a tax rate of 25%	(2,051)	72,902	70,851	77,055
Effect of:
Non-deductible derivative movements	2,051	(28,141)	(26,090)	24,912
Tax on interest income	-	(31)	(31)	450
Non-deductible expenses	-	141	141	273
Utilised tax losses forward	-	(44,836)	(44,836)	(102,240)
Movement in deferred tax (liability)/asset recognised	(2,051)	30,993	28,942	(26,424)
Movement in deferred tax recognised on tax losses	-	40,825	40,825	102,240
Taxation (credit) / charge	(2,051)	71,853	69,802	76,266

The current tax charge of €0.04m (2012: €0.45m) arises on the profits earned by NAMAIL. A total amount of €0.06m (2012: €0.6m) was paid to the Revenue Commissioners in the period which relates to 12.5% of the profits arising in NAMAIL. No other tax charges arose in other NAMA Group entities and the Agency is exempt from Irish income tax, corporation tax and capital gains tax.

The corporation tax rate applicable to the majority of the Group's income is 25%. The corporation tax rate applicable to the majority of the income of subsidiaries is either 12.5% or 25%. The effective corporation tax rate for 2013 was 0% (2012: 0%).

The Group and Agency have no tax-related contingent liabilities and contingent assets in accordance with IAS 37, Provisions, Contingent Liabilities and Contingent Assets. No significant effects arise from changes in tax rates or tax laws after the reporting period.