BMW 2001 Annual Report Download - page 69
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68
Income taxes comprise the following:
The expense for current tax includes tax pay-
ments relating to prior years, net of tax reimburse-
ments, of euro 24 million (2000: net tax reimburse-
ment of euro 22 million). No taxes arose in
conjunction with extraordinary items or from the dis-
continuation of operations in the year under report.
There were no changes in accounting policies as
defined by IAS 8 (Net Profit or Loss for the Period,
Fundamental Errors and Changes in Accounting
Policies) in the past and thus no impact on the tax
expense.
Deferred taxes are computed using tax rates
based on laws already enacted in the various tax
jurisdictions or using rates that are expected to apply
at the date when the amounts are paid or recovered.
Following the tax reform in Germany which became
effective on1 January 2001, the income tax rates for
retained profits (previously 40%) and for distributed
profits (previously 30%) were reduced to a uniform
level of 25%. Including the average effective mu-
nicipal trade tax rate of 12.5% and the solidarity sur-
charge of 5.5%, the overall tax rate for BMW compa-
nies in Germany is 38.9% (in 2000: 52.0%). The tax
rates for companies outside Germany range from
10% to 42.5%. The deferred tax expense was re-
duced by euro 10 million (2000: increased by euro
225 million) as a result of changes in the tax rates.
Deferred taxes were not recognised on non-dis-
tributed profits of euro 7.9 billion (2000: euro 6.5 bil-
lion) of foreign subsidiaries, as it is intended to invest
these profits to maintain and expand the business
volume. A computation was not made of the poten-
tial impact on the income taxes on the grounds of
disproportionate expense.
Following a change to IAS 12 in 2000, it is only
permitted to recognise deferred taxes on the poten-
tial reduction of income taxation once the share-
holders have formally resolved to pay a dividend.The
effect of this change on the Group financial state-
ments at 31 December 2000 was immaterial.
Deferred tax assets and liabilities at 31 Decem-
ber were attributable to the following positions:
001 BMW Group in figures
004 Report of the Supervisory Board
008 Supervisory Board
011 Board of Management
012 Group Management Report
029 BMW Stock
033 Group Financial Statements
098 BMW AG Financial Statements
104 BMW Group Annual Comparison
106 BMW Group Locations
108 Glossary
112 Index
[14]Income taxes
in euro million 2001 2000
Current tax 678 425
Deferred tax 698 398
1,376 823