MILLI_RE_ANNUAL REPORT 2022

35 Income tax Income tax expense in the accompanying consolidated financial statements is as follows: December 31, 2022 December 31, 2021 Current tax expense provision: Corporate tax provision (276.782.469) (306.101.998) Deferred taxes: Origination and reversal of temporary differences 143.342.143 92.278.186 Total income tax expense/(income) (133.440.326) (213.823.812) A reconciliation of tax expense applicable to profit from operating activities before income tax at the statutory income tax rate to income tax expense at the Group’s effective income tax rate for the year ended December 31, 2022 and 2021 is as follows: 2022 2021 Profit before taxes 1.559.834.289 Tax rate (%) 952.919.203 Tax rate (%) Taxes on income per statutory tax rate 389.958.572 25,00 238.229.801 25,00 Tax exempt income (527.467.361) (33,82) (104.577.884) (10,97) Non-deductible expenses 270.949.115 17,37 80.171.895 8,41 Total tax expense recognized in consolidated profit or loss 133.440.326 8,55 213.823.812 22,44 36 Net foreign exchange gains Net foreign exchange gains are presented in Note 4.2 – Financial Risk Management above. 261 MİLLİ RE 2022 ANNUAL REPORT Notes to the Consolidated Financial Statements As of December 31, 2022 Millî Reasürans Türk Anonim Şirketi (Currency: Turkish Lira (TL)) Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Note 2.1.1 RISKS AND ASSESSMENT OF THE GOVERNING BODY UNCONSOLIDATED FINANCIAL STATEMENTS TOGETHER WITH INDEPENDENT AUDITORS’ REPORT THEREON CONSOLIDATED FINANCIAL STATEMENTS TOGETHER WITH INDEPENDENT AUDITORS’ REPORT THEREON FINANCIAL STATUS