The content in this section of our website is not intender for, and is not to be made available to, persons in the United States, Canada, Japan and Australia, No announcements regarding securities offerings or references to securities, that are contained in this section constitute an offering of those securities. Any offering of securities will be made by means of a prospectus or disclosure document that contains detailed information about the issuer or the fund and the offered securities, including a discussion of risks, the issuer's or fund's business, and relevant financial information.

I certify that I am not located in, and I am not accessing this information on behalf of, a person in the United States, Canada, Japan or Australia

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.