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3.24 Deferred income tax

Deferred income tax assets and liabilities were as follows:

Deferred income tax assets and liabilities

in CHF thousand                        
    Deferred
tax assets
  Deferred
tax liabilities
 
Balance 2020
  Deferred
tax assets
  Deferred
tax liabilities
 
Balance 2019
At 1 January   782   –1,367   –585   16   –1,326   –1,310
Charges to income statement   1,211   199   1,410   785   –41   744
Exchange differences   12     12   –19     –19
At 31 December   2,005   –1,168   837   782   –1,367   –585

Deferred taxes are calculated at the effective applicable rate for each company.

Deferred taxes include the following capitalised losses carried forward:

Deferred income tax assets from losses carried forward:

in CHF thousand at 31 December   2020   2019
Deferred income tax assets on loss carry-forward gross
./. Allowance   –13,968   –17,553
Deferred income tax assets on loss carry-forward net   2,005   782

Deferred income tax assets arising from tax loss carry forward are recognised in as far as the related tax benefits are likely to be realised through future taxable profits. Deferred tax assets on tax loss carry-forwards correspond to accumulated taxable losses in the amount of CHF 66,698,000 (2019: CHF 71,746,000). The tax loss carry-forwards mainly arise from Zeiser GmbH and Orell Füssli Ltd. The latter generated tax loss carry-forwards in the prior year due to changes in tax legislation.