Chrysler 2005 Annual Report Download - page 99
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98 Fiat Group Consolidated Financial Statements at December 31, 2005 - N otes to the Consolidated Financial Statements
02 Fiat Group
11. Income taxes
Income taxes consist of the following:
(in millions of euros) 2005 2004
Current taxes:
IRAP 116 122
O ther taxes 184 217
Total Current taxes 300 339
Deferred taxes for the period 425 (389)
Taxes relating to prior periods 119 –
Total Income taxes 844 (50)
In 2005, the increase in the charge for income taxes is due to an improvement in the result and accruals for prior year taxes.
Deferred taxation of 425 million euros in 2005 (-389 million euros in 2004) includes:
an amount of 277 million euros, representing the realisation of deferred tax assets recognised originally in 2004 in connection with the
income arising from the termination of the Master Agreement with General Motors; and
an amount of 148 million euros, being the difference between deferred tax assets recognised in prior years and realised against 2005 profit
and deferred tax assets recognised in the year.
Taxes relating to prior periods include the cost of finalising certain disputes with foreign tax authorities.
The effective tax rate for 2005 (excluding IRAP) was 32.1% (the rate was insignificant in 2004 as a result of pre-tax losses).
The reconciliation between the tax charge recorded in the consolidated financial statements and the theoretical tax charge, calculated on
the basis of the theoretical tax rate in effect in Italy, is the following:
(in million di euros) 2005 2004
Theoretical income taxes 747 (538)
Tax effect of permanent differences (452)3
Taxes relating to prior years 119 –
Tax effect of difference between foreign tax rates and the theoretical Italian tax rate (3)5
Deferred tax assets not recognised 504 459
Use of tax losses (83) (128)
O ther differences (104)21
Current and deferred income tax recognised in the financial statements, excluding IRAP 728 (178)
IRAP 116 128
Income taxes recorded in financial statements (current and deferred income taxes) 844 (50)