The difference between the expected income tax expense and the income tax expense shown in the income statement can be explained as follows:

Deferred income taxes are calculated for each subsidiary using the local tax rates. In 2015 the anticipated deferred taxes decreased as a result of the determined tax rate changes; this resulted in a positive tax effect of CHF 3.3 million. In 2016, the non-capitalised tax assets from losses carried forward increased from CHF 1.4 million in 2015 to CHF 1.6 million. Deferred income tax assets included deferred income taxes on temporary differences. Accrued expenses and other liabilities include accrued taxes of CHF 1.9 million (2015: 6.5 million).