38. Tax expense


Income taxes

2014

2013

in € thousand

 

 

Actual tax – reporting year

66,877

60,614

Actual tax – previous years

–13,212

2,641

Deferred taxes

31,390

6,456

Total (amount consolidated)

85,055

69,711

Reconciliation statement

2014

2013

in € thousand

 

 

A.

Profit/(loss) from ordinary activities

377,932

307,569

B.

Expected tax expense (A. * Group tax rate)

94,483

76,892

 

Adjusted by tax effects from

 

 

 

1.

Tax-exempt investment income

–7,103

–7,653

 

2.

Other

–2,325

86

 

 

Amortisation of goodwill and impairment losses

6,250

0

 

 

Tax-neutral consolidation effects

–1,112

–3,388

 

 

Other non-deductible expenses/other tax-exempt income

3,866

13,007

 

 

Changes in tax rates

–237

–1,796

 

 

Deviations in tax rates

196

–5,422

 

 

Prior-year taxes

–13,212

2,641

 

 

Loss carryforwards no longer applicable and other

1,925

–4,570

C. Income tax expense

85,055

69,711

Average effective tax rate in per cent

22.5

22.7

The basic corporate income tax rate applied for all segments was 25 per cent. Deviating corporate tax rates arise in life insurance in which minimum taxation is applied – with an assumed profit participation of 85 per cent.

The calculation of deferred taxes is based on the specific tax rates of each country that the Group companies are based in, which were between 9 and 35 per cent in 2014. Changes in tax rates already decided effective 31 December 2014 are taken into account.

© UNIQA Group 2015