16. Deferred taxes

The calculation of deferred tax is based on the specific tax rates of each country, which were between 9 and 25 per cent in the financial year (2018: between 5 and 25 per cent). Changes in tax rates in effect at 31 December 2019 are taken into account.

The deferred tax assets and deferred tax liabilities stated in the consolidated statement of financial position performed as follows:

Changes recorded in other comprehensive income essentially relate to measurements of financial instruments available for sale and revaluation of defined benefit obligations.

The differences between the tax carrying amounts and the carrying amounts in the IFRS consolidated statement of financial position have the following effect:

The temporary differences in connection with shares in subsidiaries and associates for which no deferred tax liabilities were recognised amounted to €1,657,532 thousand (2018: €2,821,988 thousand).

An assessment of the ability to realise deferred tax assets for tax losses not yet used, tax credits not yet used and deductible temporary differences requires an estimate of the amount of future taxable profits. The resulting forecasts are based on business plans that are prepared, reviewed and approved using a uniform procedure throughout the company. Especially convincing evidence regarding the value and future chance of realisation of deferred tax assets is required under internal Group policies if the relevant Group company has suffered a loss in the current or a prior period.

The deferred tax assets stated include €12,471 thousand (2018: €14,043 thousand) attributable to tax loss carryforwards.

These tax assets from loss carryforwards are forfeited as follows:

Deferred tax assets from loss carryforwards in the amount of €10,577 thousand (2018: €11,922 thousand) were not recognised, as a realisation of these in the near future cannot be assumed, taking maturities into account.