8. Income tax

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

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2010/11

 

2011/12

 

 

 

 

 

Current tax expense

 

163.6

 

106.4

Effective tax expense

 

161.4

 

108.7

Adjustments of taxes from previous periods

 

2.2

 

–2.3

 

 

 

 

 

Deferred tax expense

 

22.8

 

–15.3

Origination/reversal of temporary differences

 

44.9

 

–7.1

Impact of changes in tax rates

 

–0.5

 

0.2

Recognition of tax losses from previous periods

 

–21.6

 

–8.4

 

 

 

 

 

 

 

186.4

 

91.1

 

 

 

 

 

 

 

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:

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2010/11

 

2011/12

 

 

 

 

 

 

 

 

 

Profit before tax

 

 

 

781.0

 

 

 

504.4

Income tax using the Austrian corporate tax rate

 

25.0%

 

195.3

 

25.0%

 

126.1

Difference to foreign tax rates

 

1.1%

 

8.5

 

2.6%

 

13.1

Non-taxable income and expenses

 

1.4%

 

11.1

 

–3.4%

 

–17.0

Non-taxable income from participations

 

–1.1%

 

–8.8

 

–1.5%

 

–7.4

Effects of depreciation of investments and utilization of previously unrecognized losses carried forward

 

0.5%

 

4.0

 

–4.5%

 

–22.8

Taxes from previous periods

 

0.3%

 

2.7

 

–1.5%

 

–7.5

Own shares

 

0.1%

 

0.8

 

0.2%

 

1.0

Hybrid bond

 

–2.3%

 

–18.2

 

–3.6%

 

–18.0

Other differences

 

–1.1%

 

–9.0

 

4.8%

 

23.6

Effective Group tax rate (%)/
income tax expense

 

23.9%

 

186.4

 

18.1%

 

91.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In millions of euros

 

 

 

 

 

 

 

 

 

In Austria, dividends (interest) on hybrid capital represent a tax-deductible expense. The tax reduction is recognized through profit and loss and results in a decrease of the Group income tax expenses.

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