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7. Taxes on income

Taxes on income paid and owed in the individual countries and tax deferments are reported as taxes on income.

Taxes on income are composed of corporation tax, trade tax, the solidarity surcharge and the corresponding foreign taxes on income. Trade income tax only accrues at a comparably low level (c. 3.5%), since Group companies only generate income liable to trade income tax to a limited degree. Income resulting from nonrecurring operating sales for fund companies is declared by the participations in fund companies. In the 2005 financial year, the average tax rate (corporation tax charges levied on distributions and solidarity surcharge) was approximately 26.375% in Germany, approximately 25% in Austria, approximately 17% in Switzerland and approximately 35% in the Netherlands.

The income tax burden of the Group is composed as follows: