Annual Report 2012 - Bank Sarasin

2.9 Taxes
Income taxes
CHF 000 2012 2011
Statement of income taxes
Change to 2011
CHF %
Current taxes 9,512 10,261 -749 -7.3
Deferred taxes -9,081 -1,117 -7,964 -713.0
Total income taxes 431 9,144 -8,713 -95.3
Profit before taxes 23,262 101,613 -78,351 -77.1
Expected income taxes using an assumed average rate of 0.5% 1) (15.1%) 101 15,357 -15,256 -99.3
Reasons for differences:
Use of not recognised deferred tax assets -456 0 -456
Not recognised expenses 0 701 -701 -100.0
Profit from treasury shares and derivatives 23 -961 984 102.4
Tax effect on disposal of equity interest 0 -2,352 2,352 100.0
Tax adjustment related to previous years -229 -669 440 65.8
Equity investment income attracting tax relief 959 -3,092 4,051 131.0
Other effects 33 160 -127 -79.4
Total effective income taxes (2012: 1.9 %; 2011: 9.0%) 431 9,144 -8,713 -95.3
The Sarasin Group made tax payments (domestic and foreign) for the business year 2012 of CHF 15.0 million (previous year: CHF 15.5 million).
1) The expected income tax rate derives from the weighted tax rates on a pre-tax basis of each individual group company.
The change compared with the previous year can be explained by shifts in the relative contribution made by individual group companies
to the Group’s result.
Bank Sarasin & Co. Ltd, Annual Report 2012 | 34