15. Income tax
In € thousand |
1–12/2021 |
1–12/2020 |
|---|---|---|
Actual tax – reporting year |
88,255 |
46,378 |
Actual tax – previous year |
10,919 |
–8,736 |
Deferred tax |
–34,789 |
–4,867 |
Total |
64,385 |
32,775 |
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 different calculated income tax rate.
In January 2022, the decision was taken in Austria to reduce the corporate tax rate to 24 per cent in 2023 and to 23 per cent from 2024. If the new corporate tax rates were applied to the deferred tax assets or liabilities recognised at 31 December 2021 in respect of Austrian Group companies (in total, surplus of deferred tax liabilities), the surplus of deferred tax liabilities would be reduced by €10,271 thousand and €20,543 thousand, respectively.
In € thousand |
1–12/2021 |
1–12/2020 |
||
|---|---|---|---|---|
Earnings before taxes |
382,289 |
57,056 |
||
Expected tax expenses1) |
95,572 |
14,264 |
||
Adjusted by tax effects from |
|
|
||
Tax-free investment income |
–21,196 |
–17,873 |
||
Amortisation of value of business in force |
3,025 |
26,438 |
||
Tax-neutral consolidation effect |
9 |
–79 |
||
Other non-deductible expenses/other tax-exempt income |
–16,264 |
16,001 |
||
Changes in tax rates |
–5 |
2,024 |
||
Deviations in tax rates |
–35,556 |
–26,063 |
||
Tax deducted at source |
1,476 |
1,562 |
||
Taxes for previous years |
12,311 |
8,206 |
||
Lapse/impairment of loss carryforwards and other |
25,014 |
8,293 |
||
Income tax expenses |
64,385 |
32,775 |
||
Average effective tax burden (in per cent) |
16.8 |
57.4 |
||
|
||||
Group taxation
In Austria, UNIQA exercises the option of forming a group of companies for tax purposes. 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.