Konecranes has announced that President Trump’s tax reforms have reduced the value of its ‘deferred tax assets’ by €15m (US$18m).
The reforms have reduced US federal corporate income tax from 35% to 21%. While this reduces the amount of tax which companies pay, it also reduces the value of tax credits saved up from past losses, known as “deferred tax assets”.
In a statement, Konecranes said: “According to a preliminary analysis, Konecranes estimates to report a reduction in deferred tax assets of approximately €15m (US$18m) in Q4 2017 and a corresponding tax expense in the income statement as change in deferred taxes.”
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