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Notes

20Income taxes

Current income tax assets and liabilities are calculated by applying the valid tax rates at which a refund from or a payment to the relevant tax authorities is expected.

Temporary differences are the result of the discrepancy between assigned value in accordance with IAS/IFRS and the valid tax regulations, measured using the German income tax rate which can be expected to apply for the period in which they are realised.

Deferred income tax assets are shown in the balance sheet only if taxable profits are likely to occur in the same tax unit in the future.

Income tax assets and liabilities are formed and carried such that – depending on the treatment of the underlying item – they are recognised either under “taxes on income” in the income statement or they are set off against the relevant equity items with no effect on the income statement.

Current and deferred income tax assets and liabilities are netted against one another where they exist towards the same tax authority and the right of set-off can actually be enforced vis à vis the tax authority.