(Unit: Million Baht)

	2020	2021	Calculated Average
Earnings before Tax	41,347	51,973
Reported Taxes	7,656	9,729
Reported Tax Rate (in %)	18.5%	18.7%	18.6%
Cash Taxes Paid	10,537	12,736
Cash Tax Rate (in %)	25.5%	24.5%	24.9%

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KBank’s effective tax rate for the fiscal years 2020 and 2021 are 18.5% and 18.7%, respectively, comparing with Thailand corporate income tax rate (i.e. 20%). The difference is mainly due to:

1. Corporate income tax exemption on dividends in compliance with the Thailand Revenue Code
2. Tax measures issued by Thailand government to promote government’s policies that allow an additional tax deduction