Translation of "Konzernsteuerquote" in English

After taking account of this impact, the effective group tax rate in 2007 was 14.1 %.

As a result the effective Group tax rate declined from 31.9 % to 26.6 %.

At 34.8%, the Group's tax rate was again in line with the long-term trend.

The continuing expansion of the MTU group's international manufacturing activities in 2014 results in a lower effective tax rate.

Therefore, the Group tax rate levels at 31.9 % (1st half of 2007: 32.0 %).

The effective tax rate for the first half of 2018 decreased to 23.2% compared with 24.8% in the first half of 2017, mainly due to the change in profitability of the group's entities in the respective countries.

Adjusted for the effects of restructuring expenses in both years and the impact of the US tax reform enacted in late 2017, the effective income tax rate declined from 24.3% in 2016 to 23.4% in 2017.

The Group's tax rate was approximately 36 % (Q1-3 2001: 34 %).

Even financial managers and tax directors, whose main task nowadays is to reduce the so called "effective tax rate" of the corporation, unanimously confirmed that a reliable tax system and predictable taxation policy are more important than the tax rate itself.

Overall, the effective group tax rate for the financial year 2008 was 9.2 % (2007: 14.1 %).

The result for the period, net of a significantly higher effective tax rate for the group, amounted to EUR 7.4 million (Q1 2015/2016: EUR 7.9 million).

The effective group tax rate, relative to earnings before tax, amounted to 32.0 % (2008: 9.2 %).

The increase in the group's tax rate to 42 (21) % is mainly due to additional tax charges related to the temporary shutdown of the bioethanol plant in Wilton, Great Britain.

In addition to the extraordinary good weather conditions, worldwide favourable cement demand, cost reduction programmes initiated in 2005 and a markedly reduced Group tax rate contributed significantly to the development of results.

Thanks to improved net financial expenses and a lower group tax rate, the Hornbach Group's net income of Euro 116.7 million fell only slightly short of the previous year's figure.

Income tax expense totaled EUR 14.2 million (Q1 2006: EUR 13.0 million) resulting in an effective Group tax rate of 32.9 % (Q1 2006: 32.2 %).

The main cause of this substantial reduction in the tax rate for the group for the financial year 2007 is the remeasurement of accrued deferred tax assets and liabilities at December 31, 2007 on the basis of the lower tax rate associated with the entry into force of the German Corporate Tax Reform Act 2008, leading to a decrease in deferred tax liabilities of € 46.8 million (2006: € 0.0 million).

Due to the tax reform effects, Covestro also expects a positive impact on the current financial year 2018, lowering the company's group tax rate by one to two percentage points in comparison with the originally expected group tax rate.

The disproportionately small increase in taxes is due to the below-average taxation of capital gains and the further reduction in Group tax rate.

The tax rate for the group for the financial year 2007 was thus 14.1 % (2006: 40.8 %).

Even financial managers and tax directors, whose main task nowadays is to reduce the so called “effective tax rate” of the corporation, unanimously confirmed that a reliable tax system and predictable taxation policy are more important than the tax rate itself.

The tax rate (income tax/EBT, 2017/18: 30%) of the financial year 2018/19 is likely to be significantly lower.

The effective income tax rate for 2016 of 36.9% was impacted by various restructuring expenses with no corresponding tax effects.