Porsche 2009 Annual Report Download - page 179

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[10] Income tax
The income tax expense (+) and income (–) disclosed breaks down into:
Continuing Discontinued Reclassification Total
€ million operations operations acc. to IFRS 5
2009/10
Current tax income/expense, Germany 0 452 – 452 0
Current tax income/expense, other countries 3 215 – 215 3
Current tax income/expense 3 667 – 667 3
thereof income/expenses relating to other periods 0 0 0 0
Deferred tax income/expense, Germany 111 – 207 207 111
Deferred tax income/expense, other countries 0 – 243 243 0
Deferred taxes 111 – 450 450 111
Income tax 114 217 – 217 114
2008/09
Current tax income/expense, Germany 170 701 – 701 170
Current tax income/expense, other countries 6 311 – 311 6
Current tax income/expense 176 1,012 – 1,012 176
thereof income/expenses relating to other periods 600 – 21 21 600
Deferred tax income/expense, Germany – 390 – 1,268 1,268 – 390
Deferred tax income/expense, other countries 0 – 357 357 0
Deferred taxes – 390 – 1,625 1,625 – 390
Income tax – 214 – 613 613 – 214
An overall income tax rate of 30% (prior year: 30% for continuing operations) applies for
the German entities of continuing operations following the enactment of the business tax reform act
in 2008. The tax rate used for the remaining foreign subsidiary included in continuing operations is
12.5% (prior year: 12.5% for this company). There were no changes to the tax rates in either re-
porting period.
There was no reduction in the current tax or deferred tax expense for the continuing opera-
tions in either reporting period as a result of the utilization of previously unrecognized unused tax
losses and tax credits.
There were no write-ups or impairments of deferred taxes for continuing operations in ei-
ther reporting period.
Previously unused tax loss carryforwards of continuing operations for which no deferred tax
assets were recorded amounted to €2,926 million (prior year: €3,963 million, thereof continuing
operations: €955 million). Loss carryforwards of €2,926 million (prior year: €1,343 million, thereof
continuing operations: €955 million) are to be used within the next ten years. In the prior year there
were also tax loss carryforwards amounting to €1,533 million (thereof continuing operations: €0
million) that could be used within a period of 15 to 20 years. In the prior year there were also tax