8. Income taxes

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

       

       

      2022/23

       

      2023/24

       

       

       

       

       

      Current tax expense

       

      310.0

       

      118.2

      Effective tax expense

       

      286.7

       

      131.9

      Adjustments of taxes from previous periods

       

      23.4

       

      –13.7

      Recognition of tax losses from previous periods

       

      –0.1

       

      0.0

       

       

       

       

       

      Deferred tax expense

       

      95.5

       

      49.6

      Origination/reversal of temporary differences

       

      112.3

       

      50.2

      Adjustments of taxes from previous periods

       

      –2.1

       

      17.9

      Impact of changes in tax rates

       

      –0.2

       

      0.1

      Recognition of tax losses from previous periods

       

      –14.5

       

      –18.6

       

       

       

       

       

       

       

      405.5

       

      167.8

       

       

       

       

       

      In millions of euros

      The following reconciliation shows the difference between the Austrian corporate tax rate of 23.75% (previous year: 24.75%) and the effective Group tax rate:

       

       

      2022/23

       

      2023/24

       

       

       

       

       

       

       

       

       

      Profit before tax

       

       

       

      1,489.4

       

       

       

      383.4

      Income tax expense (+)/benefit (–) using the Austrian corporate tax rate

       

      24.75%

       

      369.0

       

      23.8%

       

      91.1

      Difference to foreign tax rates

       

      0.0%

       

      0.3

       

      –3.1%

       

      –11.9

      Non-taxable income

       

      –1.5%

       

      –23.0

       

      –3.8%

       

      –14.6

      Non-taxable income from equity investments

       

      –0.5%

       

      –7.3

       

      –1.3%

       

      –5.0

      Effects of depreciation of equity investments and utilization of previously unincluded loss carryforwards and non-recognition of loss carryforwards

       

      –0.2%

       

      –3.0

       

      3.4%

       

      12.9

      Effects of non-recognition and subsequent recognition of deductible temporary differences

       

      0.0%

       

      0.0

       

      12.7%

       

      48.7

      Taxes from previous periods

       

      1.4%

       

      21.3

       

      1.1%

       

      4.2

      Non-tax-effective impairment

       

      2.5%

       

      37.3

       

      13.9%

       

      53.4

      Non-deductible expenses and other differences

       

      0.7%

       

      10.9

       

      –2.8%

       

      –11.0

      Effective Group tax rate (%)/income tax expense (+)/income tax benefit (–)

       

      27.2%

       

      405.5

       

      43.9%

       

      167.8

       

      In millions of euros

      The eco-social tax reform adopted in Austria as of February 14, 2022, provides for a reduction of 24% in the corporate income tax rate, to be applied to the first three quarters of the business year, as well as a reduction of 23% to be applied to the last quarter of the business year. This results in a corporate tax rate of 23.75%.