9 Tax expenses

audited information
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in CHF thousands

  

2019

  

2018

  

+/− %

*

For further details, see note 27.

Current taxes

  

–17'425

  

–11'805

  

47.6

Deferred taxes *

  

–613

  

3'174

  

 

Total tax expenses

  

–18'038

  

–8'631

  

109.0

The actual net payments made by the LLB Group for domestic and foreign corporate profit taxes amounted to CHF 18.1 million for the 2019 financial year (previous year: CHF 16.3 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:

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in CHF thousands

  

2019

  

2018

  

+/− %

*

On account of the Swiss Federal Law on Tax Reform and AHV Financing (TRAF), deferred tax rates were reduced. In 2019 this resulted in a recognised tax income of CHF 1.6 million

**

These resulted from, inter alia, the notional interest deduction, the valuation of the LLB shares and from investment fund business.

Operating profit before tax

  

141'416

  

93'758

  

50.8

Assumed average income tax rate of 13.1 % (previous year: 12.5 %)

  

–18'526

  

–11'720

  

58.1

 

  

 

  

 

  

 

Increase / (Decrease) resulting from

  

 

  

 

  

 

Use of losses carried forward

  

570

  

1'676

  

–66.0

Tax savings / (charges) from previous years *

  

–754

  

451

  

 

Non-tax deductible (expenses) / tax-exempt income **

  

672

  

962

  

–30.2

Total tax expenses

  

–18'038

  

–8'631

  

109.0

The assumed average tax burden is based on the weighted average tax rates of the individual companies.