14Income taxes
|
CHF thousand |
2022 |
2021 |
|
|
|
|
|
Income taxes referred to in the income statement |
–19,336 |
–17,637 |
|
Current income taxes |
–12,009 |
–22,549 |
|
Deferred income taxes |
–7,327 |
4,912 |
The reconciliation between the actual tax burden and the expected tax burden for the financial years ending on 31 December 2022 and 2021 is as follows:
|
CHF thousand |
2022 |
2021 |
|
|
|
|
|
Reconciliation |
|
|
|
Income before taxes |
65,328 |
64,730 |
|
Income tax rate for parent company |
14.8% |
14.8% |
|
|
|
|
|
Income taxes at expected income tax rate |
–9,649 |
–9,561 |
|
Tax effect from income taxed at other tax rates |
–976 |
–4,312 |
|
Tax effect from tax-free income/non-tax-deductible expenses |
1,071 |
–64 |
|
Tax losses in the current year for which no deferred tax assets were recognised |
–8,988 |
–223 |
|
Tax loss carryforwards for which no deferred tax assets were recognised |
1,997 |
2,211 |
|
Regional production tax in Italy - IRAP |
–2,160 |
–2,400 |
|
Income taxes for previous years |
624 |
–1,603 |
|
Non-usable withholding tax |
- |
–1,823 |
|
Other |
–1,255 |
138 |
|
Income taxes referred to in the income statement |
–19,336 |
–17,637 |
|
|
|
|
|
Effective income tax rate |
29.6% |
27.2% |
Unrecognised tax loss carryforwards
On the balance sheet date there were unrecognised tax loss carryforwards of CHF 65,855 thousand (prior year: CHF 36,179 thousand). The offsettability of loss carryforwards against future earnings involves uncertainty. This results in unrecognised deferred tax assets of CHF 17,851 thousand (prior year: CHF 11,000 thousand). Given the uncertainty involved in offsetting loss carryforwards against future earnings, deferred taxes are not capitalised (Swiss GAAP FER 11/23).
Unrecognised tax interest carryforwards
On the balance sheet date there were unrecognised tax interest carryforwards of CHF 9,926 thousand (prior year: CHF 11,783 thousand). The offsettability of interest carryforwards against future earnings for tax purposes involves uncertainty. This results in unrecognised deferred tax assets of CHF 2,382 thousand (prior year: CHF 2,828 thousand). Given the uncertainty involved in offsetting interest carryforwards against future earnings, deferred taxes are not capitalised (Swiss GAAP FER 11/23).