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Notes

35 Taxes on income

€ thousand 2012 2011 Change
in %
Current taxes on income current year 24,150 30,641 - 21.2
Current taxes on income from previous years 849 - 31,703 - 102.7
Deferred taxes - 6,071 - 2,625 131.3
Total 18,928 - 3,687 -
Reconciliation of taxes on income
€ thousand 2012 2011
Profit from ordinary activities of comdirect bank AG and ebase GmbH 92,286 108,076
multiplied by the respective income tax rate for the company    
= Calculated income tax paid in financial year 24,229 28,223
Effect of tax-free income from financial investments - 248 - 78
Effect of losses from financial investments; not tax deductible 96 750
Effect of taxes from previous years recognised in the financial year - 5,426 - 32,875
Other effects 277 293
Total 18,928 - 3,687

The tax income from previous years results primarily from further settlement resulting from a positive ruling in appeal proceedings upheld with regard to the recognition of write-downs to the going concern value of shares in foreign subsidiaries in financial year 2001.

The income tax rate selected as a basis for the reconciliation is composed of the corporation income tax rate of 15.0% applicable in Germany, plus a solidarity surcharge of 5.5% and a rate for trade earnings tax of 10.3% for comdirect bank AG (Quickborn location) and 11.55% for ebase GmbH (Aschheim location).

This produces an income tax rate of around 26.13% for comdirect bank AG and around 27.38% for ebase GmbH.