voestalpine AG Annual Report 2014/15

Income taxes include income taxes paid and owed as well as deferred taxes (+ income tax expense/– income tax benefit).

	2013/14	2014/15

Current tax expense	101.3	126.1
Effective tax expense	101.6	123.6
Adjustments of taxes from previous periods	0.4	2.5
Recognition of tax losses from prior periods	–0.7	0.0

Deferred tax expense	36.1	20.6
Origination/reversal of temporary differences	37.3	18.8
Adjustments of taxes from previous periods	–3.2	3.7
Impact of changes in tax rates	1.0	2.6
Recognition of tax losses from prior periods	1.0	–4.5

	137.4	146.7

		In millions of euros

The changes in tax rates apply solely to foreign taxes.

The following reconciliation shows the difference between the Austrian corporate tax rate of 25% and the effective Group tax rate:

	2013/14		2014/15

Profit before tax		640.8		740.9
Income tax using the Austrian corporate tax rate	25.0%	160.2	25.0%	185.2
Difference to foreign tax rates	1.6%	10.7	1.1%	8.4
Non-taxable income and expenses	–2.6%	–16.9	–5.8%	–42.7
Non-taxable income from investments	–2.2%	–14.1	–2.0%	–14.9
Effects of depreciation of investments and utilization of previously unrecognized losses carried forward and non-recognition of losses carried forward, respectively	–1.2%	–7.8	–0.6%	–4.3
Taxes from previous periods	–0.4%	–2.8	0.9%	6.2
Own shares	0.0%	0.2	0.0%	0.0
Other differences	1.2%	7.9	1.2%	8.8
Effective Group tax rate (%)/income tax expense	21.4%	137.4	19.8%	146.7

			In millions of euros

8. Income tax