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LLB Annual Report 2020 de

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.