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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.