BASF Report 2021 Consoli dated Financial Statements – Notes 233 Deferred taxes result from temporary differences between tax acquisitions according to IFRS 3 has resulted in significant deviations balances and the measurement of assets and liabilities according to between fair values and the values in the tax accounts. This primarily IFRS as well as from tax loss carryforwards and unused tax credits. leads to deferred tax liabilities. The remeasurement of all the assets and liabilities associated with Deferred taxes Deferred tax assets and liabilities 2021 Million € January 1, 2021, Effects recognized Effects recognized Business December 31, Deferred tax Deferred tax net in income in equity (OCI) combinations Other 2021, net assets liabilities Intangible assets –955 –37 –26 –22 –6 –1,045 41 –1,086 Property, plant and equipment –1,068 –18 –64 –3 22 –1,131 303 –1,434 Financial assets –74 8 –26 – 25 –67 43 –109 Inventories and accounts receivable –169 –187 –53 –1 37 –372 292 –664 Provisions for pensions and similar obligations 2,851 18 –790 – 6 2,085 2,781 –695 Other provisions and liabilities 831 148 78 2 3 1,062 1,168 –106 Tax loss carryforwards 505 69 4 1 1 580 580 – Other 18 4 –3 – –31 –11 63 –75 Deferred tax assets (liabilities) before netting 1,939 6 –878 –23 57 1,101 5,270 –4,169 Netting – – – – – – –2,670 2,670 Deferred tax assets (liabilities) after netting 1,939 6 –878 –23 57 1,101 2,600 –1,499