22. Income taxes

Loss carryforwards amounted to CHF 80.6 million (2023: CHF 57.7 million) in total at the end of the reporting year. No loss carryforwards were included in the calculation of the deferred income tax assets (2023: CHF 0.0 million). The impact of unrecognised loss carryforwards on the tax on earnings was CHF 17.2 million in the reporting year (2023: CHF 11.6 million). CHF 13.3 million unrecognised loss carryforwards were utilised in the reporting period (2023: CHF 0.0 million). There was an impact of CHF -1.6 million in the reporting year on income taxes due to the use of unrecognized losses carried forward (2023: CHF 0.0 million). In the reporting year, as in the previous year, there was no impact due to the utilisation or expiry of loss carryforwards.
Total non-capitalised deferred tax assets amount to CHF 32.7 million (2023: CHF 21.3 million); the other effects, apart from loss carryforwards, originate predominantly from Switzerland and Croatia.

The country-specific tax rates that apply to the calculation of the deferred taxes on earnings range from 12.0% to 24.0% (2023: 11.6% to 24.0%). The weighted average tax rate to be applied based on the ordinary result is 6.9% (2023: 16.5%).

In December 2021, the OECD published the Pillar Two Model Rules to introduce a global minimum tax of 15% for multinational companies with consolidated revenues of more than EUR 750 million. For 2024, Vetropack has recognized top-up tax provisions of CHF 2.7 million (2023: CHF 0.0 million) in its subsidiaries.