9 Tax expenses
|
in CHF thousands |
2020 |
2019 |
+ / – % |
|
Current taxes |
– 14'304 |
– 17'425 |
– 17.9 |
|
Deferred taxes * |
484 |
– 613 |
|
|
Total tax expenses |
– 13'820 |
– 18'038 |
– 23.4 |
* For further details, see note 25
The actual net payments made by the LLB Group for domestic and foreign corporate profit taxes amounted to CHF 14.6 million for the 2020 financial year (previous year: CHF 18.1 million).
The tax on pre-tax Group profit deviates from the theoretical amount, calculated on the basis of the weighted average Group tax rate on profit before tax, as follows:
|
in CHF thousands |
2020 |
2019 |
+ / – % |
|
Operating profit before tax |
123'643 |
141'416 |
– 12.6 |
|
Assumed average income tax rate of 12.6 per cent (previous year: 13.1 %) |
– 15'620 |
– 18'526 |
– 15.7 |
|
|
|
|
|
|
Increase / (Decrease) resulting from |
|
|
|
|
Use of losses carried forward |
506 |
570 |
– 11.2 |
|
Tax savings / (charges) from previous years |
– 488 |
– 754 |
– 35.2 |
|
Non-tax deductible (expenses) / tax-exempt income * |
1'782 |
672 |
165.2 |
|
Total tax expenses |
– 13'820 |
– 18'038 |
– 23.4 |
* These resulted from, inter alia, the notional interest deduction, the valuation of the LLB shares and from investment fund business.
The assumed average tax burden is based on the weighted average tax rates of the individual companies.