Annual Report - Miba

94
10. Taxes on income and earnings
in TEUR
For the calculation of deferred taxes for the Austrian companies, a 25% corporation tax
rate (34% in the previous year) was applied. The change in the Austrian corporate tax rate
from 34% to 25% as decided by the National Council of Austria in May 2004, shall apply
from January 1, 2005 onwards and therefore needs to be applied to the calculation of
deferred taxes.
The difference between the calculated income tax expenses (earnings before taxes
multiplied by the national (Austrian) tax rate of 33.25%) and the income tax expenses in
the 2004/05 fiscal year according to the income statement is due to the following:
in TEUR
2004/05 2003/04
Earnings before income tax 23,347 21,637
of which 33.25 % calculated income tax expense 7,763 7,357
Effect of foreign tax rates 1,054 -109
Change in valuation adjustment of
deferred tax assets -641 2.553
Tax credits or payment of taxes
2004/05 2003/04
Expenses for current taxes 2,457 6,875
non-recurrent 169 222
Change in deferred taxes 3.387 -145
Total 5,844 6,730
for previous periods 415 154
Permanent differences from consolidation
(amortization of goodwill) 0 251
Investment benefits -7 -133
Other items -2,740 -3,343
Income tax expense for the period 5,844 6,730
Group tax rate in % 25.03 31.10