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Notes

35Taxes on income

€ thousand 2011 2010 Change in %
Current taxes on income current year 30,641 21,031 45.7
Current taxes on income from previous years - 31,703 - 496 6,291.7
Deferred taxes - 2,625 705 -472.3
Total - 3,687 21,240 -117.4
Reconciliation of taxes on income
€ thousand 2011 2010
Profit from ordinary activities of comdirect bank AG and ebase GmbH 108,076 80,874
multiplied by the respective income tax rate for the company    
= Calculated income tax paid in financial year 28,223 21,180
Effect of tax-free income from financial investments - 78 - 38
Effect of losses from financial investments; not tax deductible 750 308
Effect of taxes from previous years recognised in the financial year - 32,875 - 342
Other effects 293 132
Total - 3,687 21,240

The tax income from previous years results from a positive ruling in appeal proceedings upheld with regard to the recognition of write-downs to the going concern value of shares in foreign subsidiaries in financial year 2001.

The income tax rate selected as a basis for the reconciliation is composed of the corporation income tax rate of 15.0% applicable in Germany, plus a solidarity surcharge of 5.5% and a rate for trade earnings tax of 10.15% for comdirect bank AG (Quickborn location) and 12.25% for ebase GmbH (Aschheim location).

As in the previous year, this produces an income tax rate of around 25.98% for comdirect bank AG and around 27.73% for ebase GmbH.