14Income taxes
|
CHF thousand |
2023 |
2022 |
|
|
|
Restated |
|
|
|
|
|
Income taxes referred to in the income statement |
–50,555 |
–12,454 |
|
Current income taxes |
–53,504 |
–12,009 |
|
Deferred income taxes |
2,949 |
–445 |
The reconciliation between the actual tax burden and the expected tax burden for the financial years ending on 31 December 2023 and 2022 is as follows:
|
CHF thousand |
2023 |
2022 |
|
|
|
Restated |
|
|
|
|
|
Reconciliation |
|
|
|
Income before taxes |
350,377 |
65,328 |
|
Income tax rate for parent company |
14.8% |
14.8% |
|
|
|
|
|
Income taxes at tax rate for parent company |
–51,751 |
–9,649 |
|
Difference between income taxes for the parent company and income taxes per company (calculated at the applicable tax rate) |
–1,234 |
–976 |
|
Tax effect from tax-free income/non-tax-deductible expenses |
1,866 |
1,071 |
|
Tax losses in the current year for which no deferred tax assets were recognised |
–70 |
–151 |
|
Regional production tax in Italy - IRAP |
–1,084 |
–2,160 |
|
Income taxes for previous years |
793 |
624 |
|
Other |
925 |
–1,213 |
|
Income taxes referred to in the income statement |
–50,555 |
–12,454 |
|
|
|
|
|
Effective income tax rate |
14.4% |
19.1% |
The reconciliation between the actual tax burden and the expected tax burden for the financial years ending on 31 December 2023 and 2022 is as follows:
|
CHF thousand |
2023 |
2022 |
|
|
|
Restated |
|
|
|
|
|
Unrecognised tax loss carryforwards |
|
|
|
Capitalised tax loss carryforwards |
55,570 |
40,453 |
|
Not capitalised tax loss carryforwards |
23,777 |
25,401 |
|
Total tax loss carryforwards |
79,347 |
65,854 |
|
|
|
|
|
Capitalised deferred taxes |
13,337 |
9,747 |
|
Not capitalised deferred taxes |
7,610 |
8,104 |
|
|
|
|
|
Unrecognised tax interest carryforwards |
|
|
|
Unrecognised tax interest carryforwards |
8,723 |
9,926 |
|
Capitalised deferred tax |
2,093 |
2,382 |
Global minimum taxation
The Global Anti-Base Erosion (GloBE) Model Rules published by the OECD stipulate a minimum tax of 15 per cent per country (Pillar Two). The corresponding Ordinance on the Minimum Taxation of Large Corporate Groups (MindStV) came into force on 1 January 2024.
In the countries outside Switzerland in which Repower operates via its group companies, Italy and Germany, corresponding tax legislation, in force from 1 January 2024, has also been enacted. The Repower Group has evaluated the potential tax liabilities arising from implementation of the regulations.
The assessment of the potential impact on Pillar Two income taxes is based on current tax returns, country-by-country reporting (CBCR) and the financial reports of the entities included in the Group. Although the tax level of 15 percent for Switzerland was not reached when applying the safe harbour relief, the capital tax, also claimed as creditable tax under the GloBE Model Rules, will increase the effective tax rate to over 15 percent. The Group does not expect any significant effects from the minimum tax regulation.