Eldorado Gold Provides Update On Tax Impacts In Turkiye Related To The Weakening Lira
Portfolio Pulse from Benzinga Newsdesk
Eldorado Gold Corporation has provided updates on the tax impacts in Turkey due to the weakening of the Turkish Lira. The company expects the Turkish current income tax expense on mining profits to decrease by up to $3 million in Q3, primarily due to reductions from the investment tax credit relating to Kisladag and Efemcukuru, increased depreciation impact of revaluated fixed assets and certain legislated discounts to the enacted rate. However, an incremental current tax charge of approximately $6.2 million will be recognized in Q3 and Q4 2023 due to the enacted rate change.
October 13, 2023 | 9:10 pm
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Eldorado Gold Corporation expects a decrease in Turkish income tax expense on mining profits by up to $3 million in Q3 due to weakening Lira. However, an incremental current tax charge of approximately $6.2 million will be recognized in Q3 and Q4 2023 due to the enacted rate change.
The news is directly related to Eldorado Gold Corporation and its operations in Turkey. The weakening of the Turkish Lira and the enacted rate change will have a significant impact on the company's tax expenses. While the decrease in the current income tax expense could be positive for the company's profits in the short term, the incremental current tax charge in the future could negatively impact the company's earnings.
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