Porsche 2012 Annual Report Download - page 194

Financials
Notes to the consolidated fi nancial statements
The overall income tax rate for the German entities is 30% (prior year: 30%). The tax rate
applied for the foreign subsidiary is 12.5% (prior year: 12.5%). There were no changes to the tax
rates in either reporting period.
The current tax expense was reduced by €7 million as a result of the utilization of previously
unrecognized unused tax losses and tax credits.
Previously unused tax losses for which no deferred tax assets were recognized amounted to
€ 2,241 million (prior year: €2,293 million) and are unforfeitable.
Deductible temporary differences on which no deferred taxes were recognized amount to
€19 million in the reporting period (prior year: €1 million).
The following reconciliation shows the differences between the expected income tax expense
calculated at the theoretical group tax rate of 30% (prior year: 30%) and the actual reported
income tax expense:
€ million 2012 2011
Profit/loss before tax 7,861 28
Group tax rate 30% 30%
Expected income tax expense 2,358 8
Tax rate related differences – 2 – 4
Difference in tax base – 2,313 – 12
Recognition and measurement of deferred taxes – 3 19
Taxes relating to other periods – 8 – 42
Reported income tax expense 32 – 31
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