Porsche 2006 Annual Report Download - page 146
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144
An average income tax rate of 30 percent (previous year: 39 percent) applies for the German subsidiaries
as a result of the 2008 company tax reform act. The income tax rates applied for foreign subsidiaries
range from 0 percent to 41 percent (previous year: from 0 percent to 41 percent). Overall in the Porsche
Group, the changed legal situation and other tax rate changes abroad led to a revaluation of the deferred
taxes and an associated tax expense of T€ 25,932 (previous year: income of T€ 17).
The current tax expense was reduced by T€ 778 (previous year: T€ 2,196) owing to previously unused
tax losses. This did not lead to any changes for deferred taxes in either reporting period.
The write-ups of deferred taxes in the reporting year amounted to T€ 7,760 (previous year: T€ 1,690);
depreciation amounted to T€ 149 (previous year: T€ 2,893).
There are unused tax losses of T€ 15,685 (previous year: T€ 8,848), for which no deferred tax assets
have been set up. As in the previous year, the unused tax losses can be carried forward for an unlimited
period of time.
In addition, deferred tax assets of a total of T€ 5,820 (previous year: T€ 3,443) were recognized on
unused tax losses and of T€ 12 (previous year: T€ 244) on unused tax credits. No deferred taxes were
recorded on temporary differences in accumulated profits at subsidiaries of T€ 26,159 (previous year:
T€ 18,614), as these profits are to be used for the expansion of business activities at the different
locations.
The following reconciliation shows the differences between the theoretical income tax expense expected
based on the calculated tax rate and the current income tax expense:
(10) Income taxes
The income tax expense disclosed comprises the following:
2006/07 2005/06
T€ T€
Current taxes 1,135,019 572,230
thereof income/expenses relating to other periods – 70,048 4,632
Deferred taxes 479,981 141,348
Income tax from continuing operations 1,615,000 713,578
Income tax from discontinued operations –3,422
Income taxes 1,615,000 717,000
2006/07 2005/06
T€ T€
Profit from ordinary activities 5,857,000 2,110,000
Group tax rate 39 % 39 %
Expected income tax expense 2,284,230 822,900
Tax rate related differences – 135,132 – 30,381
Difference in tax base – 467,676 – 85,632
Recognition and measurement of deferred tax assets 5,938 768
Taxes relating to other periods – 70,454 9,896
Other differences – 1,906 – 551
Reported income tax expense 1,615,000 717,000