ANNUAL REPORT 2009 - GAM Holding AG

6 INCOME TAXES
2009 2008 CHANGE
CHF 1000 CHF 1000 %
represented
Income tax on profit before taxes from continuing operations
(expected tax expense) 605 985 66 305 -
Tax rate difference on income components subject to foreign taxation -12 890 -14 973 13.9
Tax rate difference from local differences in domestic tax rates -16 105 -3 529 -
Impact from gain on non-cash dividend (non-taxable) -867 434 - -
Lower taxed income -22 -135 83.7
Effect of utilisation of prior-year losses -1 004 -222 -
Effect from not capitalised losses 1 459 -183 -
Adjustments related to prior years -289 -1 946 85.1
Non-deductible expenses 313 035 23 281 -
Other influences 15 473 -297 -
Actual income tax expense from continuing operations 38 208 68 301 -44.1
A tax rate of 22% (2008: 22%) was applied in the calculation for income tax in Switzerland. Not recognised accumulated operating loss carryforwards
in the amount of CHF 44.4 million (2008: CHF 41.9 million) exist in the Group that do not expire, except for CHF 1.5 million of this
amount which expires within five years.
2009 2008 CHANGE
CHF 1000 CHF 1000 %
represented
Domestic income taxes 14 595 53 455 -72.7
Foreign income taxes 23 613 14 845 59.1
Total 38 208 68 301 -44.1
Current income taxes 37 532 56 899 -34.0
Deferred income taxes 676 11 402 -94.1
Total 38 208 68 301 -44.1
60 GAM Holding Ltd. Annual Report 2009