Porsche 2007 Annual Report Download - page 152
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149
[10] Income tax expense
The income tax expense disclosed comprises the following:
An average income tax rate of 30% (prior year: 39%) applies for the German entities as a result of
the 2008 company tax reform act. The income tax rates applied for foreign entities range between
0% and 41% (prior year: between 0% and 41%). The reduction in tax rate was already considered
when determining the deferred taxes of the German companies in the prior year. In the Porsche
Group as a whole, changes in tax rates led to a revaluation of deferred taxes and thus a tax ex-
pense of EUR 629 k (prior year: EUR 25,932 k).
The current tax expense was reduced by EUR 1,306 k (prior year: EUR 778 k) owing to previously
unused tax losses and tax credits. 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 EUR 954 k (prior year:
EUR 7,760 k) and write-downs on deferred taxes amounted to EUR 0 k (prior year: EUR 149 k).
There are unused tax losses of EUR 32,160 k (prior year: EUR 15,685 k), for which no de-
ferred tax assets have been recorded. Of the unused tax losses, an amount of EUR 29,900 k
(prior year: EUR 15,685 k) can be carried forward indefinitely, while an amount of EUR 2,260 k
(prior year: EUR 0 k) has to be used in the next ten years.
Deferred tax assets totaling EUR 8,386 k (prior year: EUR 5,820 k) were recognized on unused
tax losses and of EUR 18 k (prior year: EUR 12 k) on unused tax credits. No deferred taxes were
recorded on retained profits at subsidiaries of EUR 33,190 k (prior year: EUR 26,159 k), as these
profits are mainly to be used for the expansion of business activities at the different locations. It
was decided not to determine the potential tax effects on unretained profits as the effort involved
would have been unreasonably high.
EUR000 2007/08 2006/07
Current taxes 1,943,075 1,135,019
thereof income relating to other periods – 718 – 70,048
Deferred taxes 233,925 479,981
2,177,000 1,615,000