24 Income taxes
Income taxes for the period, which amounted to €283 million (€328 million in the first half of 2014), can be broken down as follows:
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|
First half 2014 |
First half 2015 |
|||||||
|
|||||||||
(€ million) |
IRES |
IRAP |
Total |
IRES |
IRAP |
Other Taxes (*) |
Total |
||
Current taxes |
318 |
50 |
368 |
255 |
43 |
12 |
310 |
||
Current taxes for the period |
318 |
50 |
368 |
255 |
43 |
12 |
310 |
||
Deferred and prepaid taxes |
(40) |
|
(40) |
(27) |
|
|
(27) |
||
Deferred taxes |
(33) |
(5) |
(38) |
(25) |
(1) |
|
(26) |
||
Prepaid taxes |
(7) |
5 |
(2) |
(2) |
1 |
|
(1) |
||
|
278 |
50 |
328 |
228 |
43 |
12 |
283 |
The impact of taxes on pre-tax profit for the period is 31.6% (36.9% in the first half of 2014) in view of the theoretical tax rate of 31.0% (32.0% in the first half of 2014), which is obtained by applying the statutory tax rate of 27.5% (IRES) to pre-tax profit and 3.5% (IRAP) to the net value of production.
The reduction in the tax rate mainly reflects the elimination of the additional corporate income tax known as the Robin Hood Tax, which was declared to be unconstitutional.