Siemens 2015 Annual Report Download - page 75
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Consolidated Financial Statements
NOTE Other operating income
In fiscal and , Other operating income includes
gains on sales of property, plant and equipment and intangi-
ble assets of € million and € million, respectively, and
gains from the sale of businesses of € million and € mil-
lion, respectively.
NOTE Other operating expenses
Other operating expenses in fiscal and include losses
on sales of property, plant and equipment and intangible as-
sets, and effects from insurance, legal and regulatory matters.
NOTE 7 Income taxes
Income tax expense (benefit) consists of the following:
Fiscal year
(in millions of €) 2015 2014
Current tax 2,014 1,710
Deferred tax (145) 305
Income tax expenses 1,869 2,014
The current income tax expenses in fiscal and in-
clude adjustments recognized for current tax of prior years in
the amount of € million and € million, respectively. The
deferred tax expense (benefit) in fiscal and includes
tax effects of the origination and reversal of temporary differ-
ences of €() million and € million, respectively.
In Germany, the calculation of current tax is based on a com-
bined tax rate of %, consisting of a corporate tax rate of %,
a solidarity surcharge thereon of . % and an average trade tax
rate of %. For foreign subsidiaries, current taxes are calcu-
lated based on the local tax laws and applicable tax rates in the
individual foreign countries. Deferred tax assets and liabilities
in Germany and abroad are measured at the tax rates that are
expected to apply to the period when the asset is realized or
the liability is settled.
Income tax expense (current and deferred) differs from the
amounts computed by applying a combined statutory German
income tax rate of % as follows:
Fiscal year
(in millions of €) 2015 2014
Expected income tax expenses 2,238 2,265
Increase (decrease) in income
taxes resulting from:
Non-deductible losses and expenses 474 280
Tax-free income (709) (235)
Taxes for prior years (20) 79
Change in realizability of deferred
tax assets and tax credits 811
Change in tax rates (43) (1)
Foreign tax rate differential (107) (222)
Tax effect of investments accounted
for using the equity method 26 (163)
Other, net 21
Actual income tax expenses 1,869 2,014
Deferred income tax assets and liabilities on a gross basis are
summarized as follows:
Sep 30,
(in millions of €) 2015 2014
Assets
Non-current and current assets 1,936 1,878
Liabilities and Post-employment benefits 7,539 7,103
Other 237 229
Tax loss and credit carryforward 610 706
Deferred tax assets 10,322 9,915
Liabilities
Non-current and current assets 7,272 6,067
Liabilities 732 787
Other 336 280
Deferred tax liabilities 8,339 7,133
Total deferred tax assets, net 1,983 2,782
As of September , , the Company has certain tax losses
subject to significant limitations. For those losses deferred tax
assets are not recognized, as it is not probable that gains will be
generated to offset those losses.