The difference between the expected income tax expense and the income tax expense shown in the income statement can be explained as follows:
CHF 1,000
2022
2021
Profit before taxes
177,961
233,918
Expected Group tax rate
16%
16%
Expected income taxes
28,474
37,427
Non-deductible expenses
318
310
Tax-free income
–190
–627
Use of non-capitalised tax losses carried forward
-
–46
Non-capitalisable tax losses for the period
364
85
Expenses/income that are taxed at a lower/higher tax rate
–3,148
–3,829
Impact of changes in tax rate on deferred tax items recognised
-
–148
Tax effects for prior periods
318
65
Effective income tax charge
26,136
33,238
Effective tax rate
15%
14%
Deferred income taxes are calculated for each subsidiary using the local tax rates.
In 2022, the non-capitalised tax assets from losses carried forward amount to CHF 0.5 million (2021: CHF 0.1 million). Deferred income tax assets relate to deferred income taxes on temporary differences. Prepaid expenses include income taxes of CHF 2.5 million (2021: 11.5 million). Accrued expenses include income taxes of CHF 25.1 million (2021: CHF 6.1 million).