AmazonScience/document-haystack

1Major components of the Group’s gross deferred tax assets and liabilities 2in € m. 31 Dec 2023 31 Dec 20223Deferred tax assets:4Unused tax losses 4 85Unused tax credits 0 16Deductible temporary differences:7Employee benefits, including equity settled share-based payments 98 828Trading activities, including derivatives 121 1449Leases 37 3310Intangible assets 4 411Accrued interest expense 8 412Financial assets at fair value through other comprehensive income 0 3713Other assets 12 1014Total deferred tax assets pre offsetting 284 32315Deferred tax liabilities:16Taxable temporary differences:17Employee benefits, including equity settled share-based payments 11 818Trading activities, including derivatives 132 15519Leases 35 3020Intangible assets 195 19721Financial assets at fair value through other comprehensive income 0 022Other assets 18 1523Total deferred tax liabilities pre offsetting 391 40524Deferred tax assets and liabilities, after offsetting25in € m. 31 Dec 2023 31 Dec 202226Presented as deferred tax assets 95 13127Presented as deferred tax liabilities 202 21328Net deferred tax liabilities 107 8229The change in the balance of deferred tax assets and deferred tax liabilities does not equal 30the deferred tax expense/(benefit). This is due to deferred taxes that are booked directly to 31equity and the effects of exchange rate changes on tax assets and liabilities denominated in 32currencies other than Euro.33Items for which no deferred tax assets were recognized34135in € m. 31 Dec 2023 31 Dec 202236Not expiring (199) (237)37Expiring in subsequent period (12) 038Expiring after subsequent period (2) (20)39Unused tax losses (213) (257)401 41Amounts in the table refer to unused tax losses for federal income tax purposes.42Deferred tax assets were not recognized on these items because it is not probable that future 43taxable profit will be available against which the unused tax losses, unused tax credits and 44deductible temporary differences can be utilized. 45As of 31 December 2023, DWS Group recognized deferred tax assets of € 1 million (2022: 46€ 4 million), that exceed deferred tax liabilities in entities which have suffered a loss in either 47the current or preceding period. This is based on management’s assessment that it is 48probable that the respective entities will have taxable profits against which the unused tax 49losses, unused tax credits and deductible temporary differences can be utilized.50Generally, in determining the amounts of deferred tax assets to be recognized, management 51uses historical profitability information and, if relevant, forecasted operating results, based 52upon approved business plans, including a review of the eligible carry-forward periods, tax 53planning opportunities and other relevant considerations. 54As of 31 December 2023, the Group had temporary differences associated with the Group’s 55parent company’s investments in subsidiaries, branches and associates and interests in joint 56ventures of € 129 million (2022: € 136 million), in respect of which no deferred tax liabilities 57were recognized.58In December 2021, the Organization for Economic Co-Operation and Development (OECD) 59issued Global Anti-Base Erosion and Profit Shifting Rules under the Pillar 2 Framework. In May 602023, the IASB issued amendments to IAS 12 “Income Taxes” to introduce a mandatory 61temporary exception to the accounting for deferred taxes arising from the implementation of 62Pillar 2 model rules and disclosure requirements. The application of the exception outlined 63above has to be applied immediately with the disclosure requirements to be effective for 64annual periods beginning on or after 1 January 2023. The mandatory temporary exception has 65been applied and there has been no impact on the Group’s consolidated financial statements.66         67To our 68Shareholders69Summarised 70Management Report71Consolidated 72Financial Statements Compensation Report Corporate Govern-73ance Statement74Supplementary 75Information DWS 2023 Annual Report76 77Additional Notes78123 20 – Income Taxes