- Statement of Management's Responsibilities
- Independent Auditor's Report
- The consolidated financial statements
- Notes to the Consolidated Financial Statements
- General Information
- Main Accounting Policies
- Main Assumptions
- Risk Report
- Segment Reporting
- Notes to the Statement of Financial Position
- Notes to the Income Statement
- Premium income
- Income from financial assets
- Expenses from financial assets and liabilities
- Fair value gains and losses
- Realised gains and losses
- Other insurance income
- Other income
- Claims
- Change in other insurance-technical provisions
- Expenses for bonuses and discounts
- Acquisition costs and other operating expenses
- Other expenses from insurance operations
- Other expenses
- Income tax expense
- Other Information
- Appendix
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 |
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 |
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 |
-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 |
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).