ING Direct 2004 Annual Report Download - page 89

ING Group Annual Report 2004 87
Deferred tax liabilities
PROVISION FOR DEFERRED TAX LIABILITIES BY ORIGIN
2004 2003
Deferred tax assets (offset by deferred tax liabilities) relating to:
– insurance provisions 1,531 571
– other provisions 12 46
– unused tax losses carried forward 336 117
– equalisation reserve 33 718
– other 713 138
2,625 1,590
Deferred tax liabilities relating to:
– investments 1,352 1,442
– deferred acquisition costs 2,623 791
– equalisation reserve 259
– depreciation 76 3
– general provisions 318 460
– receivables 75 55
– loans 56 93
– other 263 387
4,763 3,490
2,138 1,900
DEFERRED TAX ASSET (OFFSET BY DEFERRED TAX LIABILITIES) IN CONNECTION WITH UNUSED TAX LOSSES CARRIED FORWARD
2004 2003
Total unused tax losses carried forward 1,047 638
Unused tax losses carried forward not recognised as a deferred tax asset 64 85
Unused tax losses carried forward recognised as a deferred tax asset 983 553
Average tax rate 34.2% 21.2%
Deferred tax asset 336 117
TOTAL UNUSED TAX LOSSES CARRIED FORWARD AS AT 31 DECEMBER BY EXPIRATION TERMS
2004 2003
– up to five years 268 416
– five to ten years 44 15
– ten to twenty years 657
– unlimited 78 207
1,047 638
Pension liabilities and other staff-related liabilities
ING Group maintains defined benefit retirement plans in the major countries in which it operates. These plans generally
cover all employees and provide benefits that are related to the remuneration and service of employees upon retirement.
On condition the plan assets are sufficient, the benefits from many of these plans are subject to some form of indexation.
Annual contributions are paid to the funds at a rate necessary to adequately finance the accrued liabilities of the plans
calculated in accordance with local legal requirements.
Plans in other countries comply with applicable local regulations concerning investments and funding levels.