11. Income Tax - 120,874 thousand Euros

The tax payables for the period totalled 120,874 thousand euros compared to 105,786 thousand euros in the previous year.

The breakdown essentially as follows:

  • current tax: 105,998 thousand euros (83,570 thousand euros at 31 December 2013),
  • net deferred/(prepaid) tax: 14,876 thousand euros (22,215 thousand euros in 2013).

The overall increase recorded in the year, amounting to 15,088 thousand euros, derives from the increase in profit before tax and the restatement of deferred taxation for the IRES (corporate income tax) Additional Tax following the publication of the sentence of the Constitutional Court, which has declared this tax to be unconstitutional starting from the fiscal year 2015 (17,051 thousand euros).

The table below shows the breakdown of taxes for the period and the correlated percentage weight calculated on consolidated pre-tax profit:

€ thousand31.12.2014%31.12.2013 Restated%
Profit (loss) before tax 289,793   259,170  
Theoretical tax charge at 27.5% on profit before tax (A) 79,693 27.5% 71,272 27.5%
Net deferred taxation (B) 8,166 2.8% 15,623 6.0%
Permanent differences (C) (7,863) (2.7%) (22,070) (8.5%)
IRES (corporate income tax) for the period (D) = (A) + (B) + (C) 79,996 27.6% 64,825 25.0%
IRAP (regional income tax) (E) 34,168 11.8% 34,252 13.2%
Tax Assets (F) 6,710 2.3% 6,710 2.6%
Total taxes recognised in income statement (G)=(D)+(E)+(F) 120,874 41.7% 105,786 40.8%

The tax rate for the year amounted to 41.7% (compared to 40.8% in 2013).