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4.6 Income tax expense
Domestic income tax is calculated at 5% (006: 9%) on taxable income or on dividends declared for
distribution in circumstance where the Company has tax losses carried forward.
The total income taxes charged to the income statement are analysed as follows:
2007 2006 Restated
Income tax on dividends (0.000.000) (.669.014)
Deferred income tax (1.764.7) (7.146.979)
Total income tax expense for the year (31.764.733) (29.815.993)
The deferred income tax expense for 006 has been restated by € 417.78 as a result of the early adoption
of IFRIC 1.
The following is the reconciliation between income taxes as presented in the income statement, with those
resulting from the application of the enacted tax rates:
Reconciliation of effective Rate 2007 Rate 2006 Restated
income tax rate
Profit before tax for the year 125.741.802 94.597.051
Income tax 5% (1.45.451) 9% (7.4.145)
Expenses not deductible for tax purposes 1% (1.67.64) 1,54% (1.456.0)
Income not subject to income tax (0.0)% 41.97 0% 0
Tax relief from prior years’ expenses (0,71)% 896.145 0% 0
Tax effect due to the adoption of IFRIC 1 0% 0 (1,08)% 1.01.10
Effect of temporary differences settlement 0% 0 .66% (.514.196)
at lower income tax rates
Adjustment of previous year effect 0% 0 (0,6)% 566.51
of temporary differences settlement
at lower income tax rates
Total income tax expense for the year 25.26% (31.764.733) 31.52% (29.815.993)
The deferred income tax liability for 006 has been restated by d1.01.10 as a result of the early adoption
of IFRIC 1.
Refer further to note 4.25
41
Domestic income tax is calculated at 5% (006: 9%) on taxable income or on dividends declared for
distribution in circumstance where the Company has tax losses carried forward.
The total income taxes charged to the income statement are analysed as follows:
2007 2006 Restated
Income tax on dividends (0.000.000) (.669.014)
Deferred income tax (1.764.7) (7.146.979)
Total income tax expense for the year (31.764.733) (29.815.993)
The deferred income tax expense for 006 has been restated by € 417.78 as a result of the early adoption
of IFRIC 1.
The following is the reconciliation between income taxes as presented in the income statement, with those
resulting from the application of the enacted tax rates:
Reconciliation of effective Rate 2007 Rate 2006 Restated
income tax rate
Profit before tax for the year 125.741.802 94.597.051
Income tax 5% (1.45.451) 9% (7.4.145)
Expenses not deductible for tax purposes 1% (1.67.64) 1,54% (1.456.0)
Income not subject to income tax (0.0)% 41.97 0% 0
Tax relief from prior years’ expenses (0,71)% 896.145 0% 0
Tax effect due to the adoption of IFRIC 1 0% 0 (1,08)% 1.01.10
Effect of temporary differences settlement 0% 0 .66% (.514.196)
at lower income tax rates
Adjustment of previous year effect 0% 0 (0,6)% 566.51
of temporary differences settlement
at lower income tax rates
Total income tax expense for the year 25.26% (31.764.733) 31.52% (29.815.993)
The deferred income tax liability for 006 has been restated by d1.01.10 as a result of the early adoption
of IFRIC 1.
Refer further to note 4.25
41
