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Tax
In fourth quarter 2004, we incurred a tax expense of CHF 535 million, reflecting an effective tax rate of 20.6% for the quarter and 19.9% for full-year 2004, compared to last year’s full-year rate of 17.9% (before significant financial events). The 2003 tax rate was positively influenced by a favorable regional profit mix. The higher rate for 2004 has been driven by an increase in profitability in higher tax jurisdictions, mainly in the US. We believe that a similar underlying tax rate is a reasonable indicator for 2005.
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