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Tax Impacts Kordia
Tax Impacts Kordia
In line with the Government’s recently announced tax changes, Kordia today announced that the impact of these changes in the current financial year, ending 30 June 2010, would be a one-off increase in income tax expense of $3.2m, with a corresponding increase in deferred tax liabilities.
This one-off charge to the income statement is a result of the withdrawal of the tax deductions on buildings with a life of 50 years or more. This charge to the income statement is required under International Financial Reporting Standards (IFRS) to be reported in the financial accounts of Kordia Group for the year ending 30 June 2010.
It is a one-off charge to the income statement and has no impact on the underlying trading performance or cash flows for 30 June 2010 year. The tax changes will not impact future profitability or dividend streams.
Kordia’s underlying profitability and cash flows continue to improve and the debt reduction programme is on target.
ENDS
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