Income taxes (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure Of Income Taxes Tables [Line Items]

Disclosure Of Major Components Of Tax Expense Income Explanatory

For the year ended

USD m

31.12.23

31.12.22

31.12.21

Tax expense / (benefit)

Swiss

Current

883

730

680

Deferred

152

(15)

34

Total Swiss

1,035

715

714

Non-Swiss

Current

684

718

884

Deferred

(846)

509

400

Total non-Swiss

(162)

1,227

1,284

Total income tax expense / (benefit) recognized in the income statement

873

1,942

1,998

Disclosure Of Details Of Major Components Of Tax Expense Income Explanatory

For the year ended

USD m

31.12.23

31.12.22

31.12.21

Operating profit / (loss) before tax

28,739

9,604

9,484

of which: Swiss

32,300

4,425

3,334

of which: non-Swiss

(3,561)

5,178

6,150

Income taxes at Swiss tax rate of

18.5

% for 2023,

18

% for 2022 and

18.5

% for 2021

5,317

1,729

1,755

Increase / (decrease) resulting from:

Non-Swiss tax rates differing from Swiss tax rate

(224)

284

234

Tax effects of losses not recognized

1,584

74

124

Previously unrecognized tax losses now utilized

(401)

(217)

(179)

Non-taxable and lower-taxed income

1

(5,730)

(335)

(278)

Non-deductible expenses and additional taxable income

1,651

429

510

Adjustments related to prior years, current tax

(87)

(41)

(40)

Adjustments related to prior years, deferred tax

(1)

13

(10)

Change in deferred tax recognition

(1,288)

(217)

(342)

Adjustments to deferred tax balances arising from changes in tax rates

26

0

(5)

Other items

25

222

231

Income tax expense / (benefit)

873

1,942

1,998

1 The reconciling item for non-taxable and lower-taxed income for 2023 primarily reflects that the negative goodwill gain that was recorded in the income statement in relation to the acquisition of Credit Suisse did

not result in any tax expense.

Disclosure Of Total Recognized And Unrecognized Deferred Tax Assets And Deferred Tax Liabilities Explanatory

USD m

31.12.23

31.12.22

Deferred tax assets

1

Gross

Valuation

allowance

Recognized

Gross

Valuation

allowance

Recognized

Tax loss carry-forwards

19,070

(16,078)

2,992

12,708

(8,720)

3,988

Unused tax credits

95

0

95

0

0

0

Temporary differences

11,159

(3,564)

7,595

5,814

(414)

5,400

of which: related to real estate costs capitalized for US tax

purposes

2,703

0

2,703

2,485

0

2,485

of which: related to compensation and benefits

1,795

(471)

1,324

1,194

(175)

1,018

of which: related to cash flow hedges

765

(139)

626

947

0

947

of which: other

5,896

(2,954)

2,942

1,188

(238)

950

Total deferred tax assets

30,324

(19,642)

10,682

2

18,522

(9,134)

9,389

2

of which: related to the US

9,023

8,294

of which: related to other locations

1,659

1,095

Deferred tax liabilities

Total deferred tax liabilities

325

236

1 After offset of DTLs, as applicable. 2 As of 31 December 2023, the Group recognized DTAs of USD

426

m (31 December 2022: USD

471

m) in respect of entities that incurred losses in either the current or preceding

year.

Disclosure Of Expiry Of Unused Tax Losses Explanatory

Unrecognized tax loss carry-forwards

USD m

31.12.23

31.12.22

Within 1 year

342

231

From 2 to 5 years

10,839

2,184

From 6 to 10 years

7,114

11,106

From 11 to 20 years

1,818

1,610

No expiry

44,222

16,960

Total

64,335

32,091

of which: related to the US

1

12,354

13,350

of which: related to the UK

37,773

14,332

of which: related to other locations

14,208

4,409

1 Related to UBS AG’s US branch.