ÖBB Annual Report 2023

259 Consolidated Financial Statements Österreichische Bundesbahnen-Holding Aktiengesellschaft Consolidated Financial Statements | Group Management Report 41 The following table shows the main causes of the difference between the income taxes resulting from applying the statutory tax rate of 24% to the taxable profit for the year and the income taxes recognised in the income statement: 2023 2022 in EUR million in EUR million Income before income tax according to IFRS 111.6 193.2 Adjustment of tax-exempt portion pursuant to Article 50 (2) Bundesbahngesetz 189.1 147.4 Taxable portion of the income 300.7 340.6 Group tax rate 24% 25% Expected income/ expense from taxes in the financial year -72.2 -85.1 Tax rate differences between foreign companies and the corporate tax rate 4.0 2.7 Other tax-exempt income and other reductions 9.2 2.3 Non-deductible operating expenses and other additions -4.4 2.7 Effects of taxes from previous years recognised in the financial year 4.6 8.3 Effects of tax rate changes 3.0 -19.7 Offsetting from consolidation -20.2 19.1 Effects of changes in recognition -7.3 73.7 Other effects -3.8 -2.4 Accounted income taxes -87.1 1.6 Effective corporate tax rate 29.0% -0.5% The change in the deferred tax rate from 24% to 23% and 23% respectively and the resulting measurement of deferred tax assets and liabilities reduces the tax expense by approx. EUR 3.0 million. The effects of changes in recognition are largely attributable to the recognition of deferred taxes from loss carryforwards. As at 31.12.2023, ÖBB-Infrastruktur AG was unable to recognise deferred taxes on previously recognised loss carryforwards of EUR -75.9 million (py: recognition of EUR 51.6 million) for this financial year, while ÖBB-Holding AG was able to recognise deferred tax assets on previously unrecognised loss carryforwards of EUR 71.0 million for the first time as at 31.12.2023. As the equity ratio of the group of companies is not more than 2 percentage points below the equity ratio of the group, the interest barrier of Section 12a KStG does not apply and the interest surplus is deducted in full as an operating expense.