On January 20, 2022, a gradual reduction in the corporate tax rate in Austria from 25 percent to 23 percent with effect from January 1, 2023 was approved. This reduction does not affect current or deferred taxes recognized as at December 31, 2021. However, this change will reduce the group’s future effective tax burden accordingly. If the modified tax rates had been applied for the calculation of deferred taxes as at December 31, 2021, deferred tax liabilities would have decreased by EUR 2,708 thousand (see note 31).
Military clashes between Russia and Ukraine have arisen since February 24, 2022. The Lenzing Group has no investments, other assets or other significant business relationships in either of these countries. For this reason, the consolidated financial statements of the Lenzing Group as of December 31, 2021 are not affected.
Other than that, the Lenzing Group is not aware of any significant events occurring after the reporting date on December 31, 2021 which would have resulted in a different presentation of its financial position and financial performance.