Siemens 2005 Annual Report Download - page 159
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159
For fiscal year ended September 30, 2005 and September 30, 2004, the Company was subject to
German federal corporation tax at a base rate of 25% plus solidarity surcharge of 5.5% on federal
corporation taxes payable. As a result, the statutory rates for the year ended September 30, 2005
and 2004 consists of the federal corporate tax rate, including solidarity surcharge of 26.4%, and
trade tax net of federal benefit of 12.6%, for a combined rate of 39%.
Income tax expense differs from the amounts computed by applying statutory German income
tax rates (39% for each of the fiscal years ended September 30, 2005 and 2004) as follows:
Notes to Consolidated Financial Statements
Consolidated Financial Statements Notes to Consolidated Financial Statements
(in millions of €, except where otherwise stated
and per share amounts)
Year ended
September 30,
2005 2004
Expected income tax expense 1,632 1,704
Increase (decrease) in income taxes resulting from:
Non-deductible losses and expenses 116 101
Goodwill and acquired in-process research and development* (139) 139
Tax-free income (77) (110)
Change in tax base of investments – 78
Tax-free gains from sales of business interests (34) (476)
Taxes for prior years – 55
Effect of change in German tax rates – 6
Foreign tax rate differential (448) (650)
Tax effect of equity method investments (121) (109)
Other 50 29
Actual income tax expense 979 767
* Fiscal 2005 includes €(233) in tax benefits related to previously unrecognized tax deductions arising from a partial
reorganization of certain businesses for which related goodwill was written off in previous periods.