7.14 Income tax expense

Tax expense in the income statement

 

 

in EUR

 

2011

2010

Current tax expense

-22,513,769

-23,998,866

Deferred tax expense/income

12,011,395

7,398,408

TOTAL TAX EXPENSE IN THE INCOME STATEMENT

-10,502,374

-16,600,458

 

Documents

 
 
 

Tax expense in other comprehensive income

 

 

 

 

 

 

 

in EUR

 

2011

 

2010

 

Before tax

Tax

After tax

 

Before tax

Tax

After tax

Profit from increase in fair value of available‑for‑sale financial assets

-70,141,510

21,060,913

-49,080,597

 

-20,471,532

4,234,017

-16,237,515

Liabilities from insurance contracts with a discretionary participating
feature (shadow accounting)

9,274,697

-1,854,939

7,419,758

 

9,349,361

-1,869,872

7,479,489

Gains/losses recognised in fair value reserve and net profit/loss brought
forward arising from equity in associates and jointly controlled entities
recognised using the equity method

-2,164,189

521,519

-1,642,670

 

-483,129

96,626

-386,503

Translation differences

-566,861

0

-566,861

 

-538,760

0

-538,760

TOTAL OTHER COMPREHENSIVE INCOME

-63,597,863

19,727,492

-43,870,371

 

-12,144,060

2,460,771

-9,683,289

 

Documents

 
 
 

Reconciliation between tax expense and accounting profit

 

 

in EUR

 

 2011

2010

ACCOUNTING PROFIT

59,999,615

43,250,267

Income tax rate tax rate average of several countries

19.50%

19.80%

ACCOUNTING PROFIT MULTIPLIED BY TAX RATE

-11,700,496

-8,563,307

Tax effect of income deductible for tax purposes

3,512,035

3,200,784

Tax effect of expenses not deductible for tax purposes

-14,006,957

-17,543,534

Tax effect of income added for tax purposes

-76,706

425,830

Revenues or expenses concerning tax relief

943,858

-1,322,239

Changes in temporary differences

10,825,892

7,202,008

TOTAL TAX EXPENSE

-10,502,374

-16,600,458

Effective tax rate

17.50%

38.38%

 
 
 

In accordance with the Corporate Income Tax Act (hereinafter CITA-2), the Company applied a 20% tax rate to the taxable profit for 2011 (the same as in 2010). For subsidiaries operating outside the Republic of Slovenia, the Group applied the tax rate of the country of operation in compliance with the local legislation. See Section 1.6 for details on tax rates by company.

As at 31 December 2011, unused tax losses of the Group amounted to EUR 25.9 million (EUR 44 million as at 31 December 2010).

 
 
 
 
 
 
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