Groupama // 2021 Universal Registration Document

7 FINANCIAL STATEMENTS Combined financial statements and notes

Breakdown of tax expenses Note 44

Breakdown of tax expenses ‒ by operating segment 44.1

31.12.2021

31.12.2020

France International

Total

France International

Total

(in millions of euros)

Current taxes

(119)

(6)

(126)

(16)

(5)

(22)

Deferred taxes

(64)

(64)

(149)

6

(143)

TOTAL

(183)

(7)

(190)

(166)

1

(165)

The Group underwent a tax inspection in 2010 and 2019. Reserves were set aside and settled for all accepted assessments in 2010. By contrast, assessments relating largely to the level of underwriting reserves for property and casualty, which was deemed excessive by the tax authorities, as well as the risk of

dependence, were not subject to reserves. The Group continues to consider that the grounds for the tax adjustments are highly questionable and has prepared underwriting arguments for a

litigation process.

Reconciliation between total accounting tax expense and theoretical tax expense 44.2 calculations

31.12.2021

31.12.2020

(in millions of euros)

THEORETICAL TAX EXPENSE

(176)

(97)

Impact of expenses or income defined as non-deductible or non-taxable

31

24

Impact of differences in tax rate

(45)

(92)

Tax credit and various charges

2

2

Charges of prior deficits Losses for the fiscal year not capitalised Deferred tax assets not accounted for Other differences

(2)

(2)

EFFECTIVE TAX EXPENSE

(190)

(165)

The reconciliation with the theoretical statutory tax is as follows:

31.12.2021

31.12.2020

Consolidated income (losses) before tax

Consolidated income (losses) before tax

Theoretical tax rate

Theoretical tax rate

(in millions of euros)

current taxes: 28.41%

current taxes: 32.02%

France

640

464

deferred tax: 25.82%

deferred tax: 28.41%

Bulgaria

1

10.00%

2

10.00%

China

3

25.00%

(11)

25.00%

Croatia

NS

18.00%

Greece

7

22.00%

9

24.00%

Hungary

34

9.00%

26

9.00%

Italy

6

30.82%

(158)

30.82%

Romania

4

16.00%

2

16.00%

Tunisia

3

30.00%

2

30.00%

Turkey

(15)

25.00%

7

22.00%

TOTAL

684

343

The theoretical tax rate applicable in France is 28.41% on current taxes and 25.82% on deferred taxes.

238

Universal Registration Document 2021 - GROUPAMA ASSURANCES MUTUELLES