Annual Accounts and Report as at 30 June 2011 Draft - Mediobanca

20.2 Reconciliation between theoretical and effective tax burden12 mths ended 30/6/11Amounts %Absolute valuesTotal profit or loss before tax from current operations 100.00% 554,199Theoretical tax rate 27.50% XTheoretical computed taxes on income 27.50% 152,405Dividends (–) -6.00% (33,256)Gains on disposals of equity investments (PEX) (–) -0.47% (2,587)Gains on disposal of investments (equity method) (–) -5.31% (29,410)Other taxes (non-Italian companies) (–) -1.86% (10,331)Non-taxable income 10% IRAP (–) -0.20% (1,111)Interest on exempt securities (–) -0.11% (616)Tax losses (–) -0.03% (143)Tax sparing credit -0.23% (1,301)Non-deductible interest expense 3% (+) 3.87% 21,438Benefit from tax consolidation (–) -0.67% (3,730)Impairment (+/–) 9.63% 53,384Other differences 1.06% 5,857TOTAL IRES 27.17% 150,599IRAP 5.42% 30,033TOTAL FOR HEADING ¹ 32.59% 180,6321Compared with a tax rate of 31.06% in the previous financial year.148 –