Country Total income 16 € mn Profit before income taxes € mn Income tax 17 € mn Current income tax 18 Income tax paid Expected income tax rate 19 % Effective income tax rate Comment reference Tangible assets Number of employees 20 Mexico 455.1 54.7 -10.5 -13.9 -14.8 30.0% 19.2% o 4.6 473 Indonesia 444.1 80.4 -18.2 -12.4 -21.5 22.0% 22.6% 14.1 1,269 Hungary 395.3 71.6 -12.1 -12.0 -10.9 9.0% 16.9% p 31.3 953 Romania 303.3 47.2 -9.2 -6.8 -6.7 16.0% 19.5% q 16.6 1,205 Colombia 293.8 10.4 -1.8 -0.5 -2.6 31.0% 17.7% r 5.8 896 Egypt 258.1 57.9 -12.4 -12.4 -12.4 22.5% 21.4% 23.3 1,488 Lebanon 257.6 178.9 -2.9 -2.9 -2.5 17.0% 1.6% s 29.9 199 Russian Fed. 241.7 31.8 -5.8 -6.1 -5.1 20.0% 18.3% 14.2 1,189 Argentina 237.8 27.3 -16.9 -15.4 -29.7 32.5% 61.9% 10.2 386 Liechtenstein 225.8 140.5 -15.0 -12.0 4.4 12.5% 10.7% 0.9 78 Bulgaria 191.4 43.8 -4.3 -4.8 -4.5 10.0% 9.8% 20.7 923 Singapore 162.3 0.8 -3.1 -3.0 -0.9 10.0% 389.7% 6.6 281 Croatia 159.9 23.0 -4.1 -4.6 -3.3 18.0% 17.9% 7.1 414 Morocco 131.5 13.0 -4.7 -0.9 -0.4 37.0% 36.0% 23.2 399 Greece 129.7 9.6 -5.1 -0.3 0.8 24.0% 53.2% 19.9 227 Saudi Arabia 102.3 1.0 -3.0 -3.0 -3.0 20.0% 286.7% 2.1 344 Japan 72.0 13.0 -5.6 -6.5 -2.0 30.0% 43.1% 0.9 256 Bahrain 71.6 6.6 -2.0 -2.0 -2.4 0.0% 31.0% 2.7 1,553 Cote d’Ivoire 70.5 13.0 -2.3 -2.2 -3.8 25.0% 17.8% 6.7 215 India 46.8 10.1 -1.5 -1.4 -2.1 34.7% 15.1% 2.4 3,058 Bermuda 37.0 20.7 -4.7 -3.3 -2.2 0.0% 23.0% 0.1 20 Other 294.1 12.8 6.4 -7.7 -6.3 -50.2% t 98.0 4,802 Overall Result 132,448.6 9,519.8 -2,415.2 -3,626.2 -3,049.9 25.4% 23,566.4 155,411 5.4 Country-by-Country data 15√ 5. Tax Reporting Comments Comments on major drivers for significant deviation (absolute > 3%p) of the expected income tax rate from the effective income tax rate are provided for all countries with total income > EUR 250mn. Please note that the effective income tax rate is strongly influenced in case the profit before income taxes is rather low compared to the absolute effects. a) Germany: Higher effective tax rate: non deductible expenses, non creditable withholding taxes and trade tax add backs. b) USA: Lower effective tax rate: tax credits for windfarm investments, resulting in a negative effective tax rate of -9.8% compared to an effective tax rate of 21%. GRI 207–4 c) France: Only minor differences between expected and effective income tax expense and rates. d) Italy: Higher effective tax rate: additional local income taxes (IRAP). e) Ireland: Higher effective tax rate: application of different tax rates on results (branches), non recognition of deferred tax assets (DTA). f) United Kingdom: Higher effective tax rate: tax expense from revaluation of deferred tax liabilities due to changed tax rates. g) Austria: Higher effective tax rate: non tax deductible expenses. h) Luxembourg: Lower effective tax rate: tax exempted equity results. i) China: Lower effective tax rate: tax exempted/lower taxed results (e.g. government bonds). j) Brazil: Lower effective tax rate: additional income taxes (PIS/COFINS) and non recognition of DTA. k) Belgium: Lower effective tax rate: income tax expense for previous years. l) Slovakia: Higher effective tax rate: additional local income taxes. m) Poland: Higher effective tax rate: non tax deductible expenses. n) Portugal: Higher effective tax rate: non tax deductible expenses. o) Mexico: Lower effective tax rate: deferred tax benefits for previous years. p) Hungary: Higher effective tax rate: additional local income taxes. q) Romania: Higher effective tax rate: income tax expense for previous years and non tax deductible expenses. r) Colombia: Lower effective tax rate: tax exempted/lower taxed results. s) Lebanon: Lower effective tax rate: tax exempted results. t) Other: Lower effective tax rate: deferred tax benefits for previous years (esp. Philippines). Allianz Group Tax Transparency Report 2021 10