New Finnish tax laws reduce TeliaSonera´s deferred tax asset
- 2004-07-02 07:54 UTC
New Finnish tax laws reduce TeliaSonera's deferred tax asset
On June 30, 2004, the Finnish Parliament passed new tax laws which
include, among other things, a reduction in the Finnish corporate income
tax rate from 29 percent to 26 percent from the beginning of tax year
As disclosed in TeliaSonera's Annual Report 2003, the change will reduce
TeliaSonera's deferred tax asset, since TeliaSonera has mainly deferred
tax assets in Finland. According to a preliminary analysis and based on
the amount of deferred tax asset at the end of Q1 2004, TeliaSonera will
report a reduction in deferred tax asset of approximately SEK 900
million in Q2 2004 and a corresponding deferred tax expense in the
income statement. However, as TeliaSonera is still in the process of
preparing its Q2 interim financial statements, the final amount may
differ from this.
The change in the deferred tax asset does not have any cash flow effect.
Additionally, the change does not impact the time frame when the
deferred tax asset is expected to be utilized.
For further information journalists can contact:
TeliaSonera´s Press Service, +46-(0)8-713 58 30
Statements made in the press release relating to future status or
circumstances, including future performance and other trend projections
are forward-looking statements. By their nature, forward-looking
statements involve risk and uncertainty because they relate to events
and depend on circumstances that will occur in the future. There can be
no assurance that actual results will not differ materially from those
expressed or implied by these forward-looking statements due to many
factors, many of which are outside the control of TeliaSonera.
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