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10. Income taxes      
€ ('000)   2011 2010
Current income tax   429 2,713
Taxes for previous years   945 -15
Deferred taxes   1,248 3,685
Total   2,622 6,383
Income tax reconcilliation   2011 2010
Profit before taxes   13,209 23,939
Tax calculated at the domestic corporation tax rate of 26%   3,564 6,224
Effect of different tax rates outside Finland   -142 373
Tax exempt income   -662 -211
Non-deductible expenses   32 51
Impairment of goodwill   0 998
Effect of consolidation   534 613
Taxes for previous years   945 -15
Adjustment in taxes of fund investment income   0 -1,650
Adjustments in respect of prior years   -1,649 0
Income taxes in the Group Income Statement   2,622 6,383
After completing a tax audit in Finland, the Finnish tax authorities asserted that some of the operations of the Group’s parent company, CapMan Plc, include financial services exempt from VAT and that the parent company should not deduct VAT on certain costs incurred as a result. CapMan Plc disagrees with this assertion and intends to appeal the decision and submit a request for rectification. The claim from the tax authorities is approximately MEUR 1.0. CapMan has not booked a contingency to cover this in its Financial Statements for 2011.