127 Allocations (net of reversals) to impairment and provisions 1,786 -1,428 Realised gains or losses on sales of impaired debt instruments recognised in equity recyclable to income 0 0 Realised gains or losses on impaired debt instruments recognised at amortised cost 0 0 Losses on non-impaired irrecoverable loans and receivables 0 -4 Recoveries on loans and receivables 0 0 recognised at amortised cost 0 0 recognised in equity recyclable to income 0 0 Discounts on restructured loans 0 0 Losses on off-balance sheet commitments 0 0 Other losses -8 -117 Other income 0 0 Cost of risk 1,778 -1,549 4.11 NET GAINS OR LOSSES ON OTHER ASSETS (in thousands of euros) 31/12/2021 31/12/2020 Operating property, plant and equipment and intangible assets -1 6 Gains on sales 16 Losses on sales -1 -10 Consolidated equity securities - - Gains on sales Losses on sales Net income (expenses) from business combinations - Net profits or losses on other assets -1 6 4.12 TAXES (in thousands of euros) 31/12/2021 31/12/2020 Current tax expense -4,801 -3,810 Deferred tax income/expense 28 428 Tax expense for the period -4,773 -3,382 RECONCILIATION OF THEORETICAL TAX RATE AND EFFECTIVE TAX RATE AS AT 31 DECEMBER 2021 (in thousands of euros) Basic Tax rate Tax Profit before tax, impairment of goodwill and profit from companies accounted for using the equity method 33865 26.50% 8,974 Effect of permanent differences 1.60% 527 Effect of tax rate differences of foreign entities -14.30% -4,852 Effect of losses for the year, utilisation of losses carried forward and temporary differences -0.10% -18 Change of rate 0.10% 45 Effect of reduced rate of taxation - Effect of other elements 0.30% 97 Effective tax rate and charge 14.1% 4,773 The theoretical tax rate is the standard tax rate (including the additional social contribution) on taxable profits in Monaco as at 31 December 2021.
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