16. Income taxes
Tax expenses include actual and deferred tax. Actual tax and deferred tax are recognised in profit/(loss) for the period, with the exception of any amount associated with a business combination or with an item recognised directly in equity or other comprehensive income.
Actual tax
Actual tax includes the expected tax liability or tax receivable on taxable income for the financial year or the tax loss on the basis of interest rates that apply on the reporting date or will soon apply, plus all adjustments of the tax liability relating to previous years. Actual tax liability also includes all the tax liability that may arise as a result of income received domestically or abroad that is subject to a domestic or foreign withholding tax.
In € thousand |
1–12/2017 |
1–12/2016 |
Actual tax – reporting year |
12,233 |
61,847 |
Actual tax – previous year |
7,886 |
–11,944 |
Deferred tax |
26,229 |
–27,093 |
Total |
46,348 |
22,810 |
The basic corporate income tax rate applied for all segments was 25 per cent. National tax regulations in conjunction with life insurance profit participation may lead to a higher than calculated tax rate on profits.
In € thousand |
1–12/2017 |
1–12/2016 |
||
|
||||
Earnings before taxes |
242,194 |
225,533 |
||
Expected tax expenses1) |
60,549 |
56,383 |
||
Adjusted by tax effects from |
|
|
||
Tax-free investment income |
–14,351 |
–11,513 |
||
Amortisation of goodwill and impairment losses |
0 |
4,148 |
||
Tax-neutral consolidation effect |
–1,022 |
447 |
||
Other non-deductible expenses/other tax-exempt income |
11,642 |
3,931 |
||
Changes in tax rates |
107 |
–1,054 |
||
Deviations in tax rates |
–8,302 |
–5,751 |
||
Taxes for previous years |
–7,239 |
–20,318 |
||
Lapse of loss carried forward and other |
4,965 |
–3,463 |
||
Income tax expenses |
46,348 |
22,810 |
||
Average effective tax burden in per cent |
19.1 |
10.1 |
||
In € thousand |
31/12/2017 |
31/12/2016 |
Receivables with a maturity of |
|
|
up to 1 year |
43,173 |
65,710 |
more than 1 year |
122 |
144 |
Total |
43,294 |
65,854 |
In € thousand |
31/12/2017 |
31/12/2016 |
Liabilities with a maturity of |
|
|
up to 1 year |
2,857 |
1,870 |
more than 1 year up to 5 years |
51,589 |
77,250 |
Total |
54,446 |
79,120 |
Group taxation
UNIQA exercises the option of forming a group of companies for tax purposes provided by the legislators in Austria; there are three taxable groups of companies with the parent groups UNIQA Insurance Group AG, PremiQaMed Holding GmbH and R-FMZ Immobilienholding GmbH.
The group members are generally charged, or relieved by, the corporation tax amounts attributable to them by the parent group through the distribution of their tax burden in the tax group. Losses from foreign group members are also included within the scope of taxable profits. The tax realisation for these losses is accompanied by a future tax obligation to pay income taxes at an unspecified point in time. A corresponding provision is therefore formed for future subsequent taxation of foreign losses.