5 Current and deferred taxes
The income tax assets totalling EUR 36 million (previous year: EUR 48 million) concern in particular withholding tax receivables in connection with dividends received. The income tax liabilities of EUR 22 million (previous year: EUR 18 million) essentially contain the income taxes to be paid for the financial year.
Deferred taxes are calculated using the respective local tax rates. Changes in tax rates that were enacted up until the reporting date have already been taken into account. The income tax rates applied in the relevant countries varied between 10.0 per cent and 39.0 per cent (previous year: 10.0 per cent and 39.0 per cent).
The following deferred tax assets and liabilities exist for temporary differences in the individual items of the statement of financial position, and for tax loss carryforwards:
|31 Dec. 2015||31 Dec. 2014|
|Property, plant and equipment||12||48||11||38|
|Miscellaneous non-current assets||1||8||2||8|
|Other current liabilities||5||17||8||10|
|Derivative financial instruments||7||4||8||3|
|Tax loss carryforwards||25||2|
Deferred tax assets include EUR 23 million (previous year: EUR 11 million) for companies that were making losses in the financial year or the previous year. These items are recognised, since future taxable profits are expected for these companies.
Trade tax loss carryforwards of EUR 941 million (previous year: EUR 877 million) and unused corporate tax and similar foreign loss carryforwards of EUR 599 million (previous year: EUR 515 million) exist in the Haniel Group, for which no deferred tax assets were recognised in the statement of financial position, given that the realisation of the deferred tax assets is not deemed to be sufficiently certain from today’s point of view. Of these tax loss carryforwards, EUR 59 million (previous year: EUR 52 million) expire within five years and an additional EUR 16 million (previous year: EUR 22 million) within 15 years.
In accordance with IAS 12, no deferred tax liabilities are recognised for retained earnings of subsidiaries and investments accounted for at equity because the company can control the reversal effect and therefore it is probable that the temporary differences will not be reversed in the foreseeable future. Therefore no deferred tax liabilities are recognised for temporary differences from subsidiaries and investments accounted for at equity in the amount of EUR 133 million (previous year: EUR 59 million).