9 Tax expenses
|
in CHF thousands |
2021 |
2020 |
+ / – % |
|
Current taxes |
– 25'682 |
– 14'304 |
79.5 |
|
Deferred taxes 1 |
133 |
484 |
– 72.5 |
|
Total tax expenses |
– 25'549 |
– 13'820 |
84.9 |
1 For further details, see note 24
The actual net payments made by the LLB Group for domestic and foreign corporate profit taxes amounted to CHF 11.9 million for the 2021 financial year (previous year: CHF 14.6 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 |
2021 |
2020 |
+ / – % |
|
Operating profit before tax |
163'412 |
123'643 |
32.2 |
|
Assumed average income tax rate of 13.4 per cent (previous year: 12.6 %) |
– 21'921 |
– 15'620 |
40.3 |
|
|
|
|
|
|
Increase / (Decrease) resulting from |
|
|
|
|
Use of losses carried forward |
0 |
506 |
– 100.0 |
|
Tax savings / (charges) from previous years |
– 3'616 |
– 488 |
640.3 |
|
Non-tax deductible (expenses) / tax-exempt income |
– 12 |
1'782 |
|
|
Total tax expenses |
– 25'549 |
– 13'820 |
84.9 |
The assumed average tax burden is based on the weighted average tax rates of the individual group companies.
The increase in average tax burden is attributable to the changed profit contributions of the Group companies. In particular, the increased relative profit contribution of LLB (Österreich) AG in 2021 led to a higher assumed average tax burden in comparison with the previous year.
As per 31 December 2021, there were losses carried forward amounting to CHF 84 million, which were not reported as deferred tax receivables (previous year: CHF 98 million). They expire within the next five years. In general, tax losses can be carried forward for seven years in Switzerland, and indefinitely in the Principality of Liechtenstein and in Austria.