9 Tax expenses
| Download |
in CHF thousands |
2018 |
2017 |
+/− % |
|||||
|---|---|---|---|---|---|---|---|---|
|
||||||||
Current taxes |
–11'805 |
–17'034 |
–30.7 |
|||||
Deferred taxes * |
3'174 |
–4'097 |
|
|||||
Total tax expenses |
–8'631 |
–21'131 |
–59.2 |
|||||
The actual net payments made by the LLB Group for domestic and foreign corporate profit taxes amounted to CHF 16.3 million for the 2018 financial year (previous year: CHF 9.7 million).
The tax on pre-tax Group profit deviates from the theoretical amount, calculated on the basis of the weighted average Group tax rate on profit before tax, as follows:
| Download |
in CHF thousands |
2018 |
2017 |
+/− % |
|||
|---|---|---|---|---|---|---|
Operating profit before tax |
93'758 |
132'389 |
–29.2 |
|||
Assumed average income tax rate of 12.5 % |
–11'720 |
–16'549 |
–29.2 |
|||
|
|
|
|
|||
Increase / (Decrease) resulting from |
|
|
|
|||
Use of losses carried forward |
1'676 |
1'193 |
40.4 |
|||
Effect of taxes calculated at tax rates other than the assumed tax rate |
–3'427 |
–1'544 |
122.0 |
|||
Tax savings / (charges) from previous years |
451 |
–4'266 |
|
|||
Non-tax deductible (expenses) / tax-exempt income |
4'389 |
34 |
|
|||
Total tax expenses |
–8'631 |
–21'131 |
–59.2 |
The assumed average tax burden is based on the domestic tax rate in Liechtenstein.