Salzgitter maintains 2015 pre-tax earnings forecast despite tax change

Tuesday, 19 January 2016 17:23:31 (GMT+3)   |   Istanbul
       

Germany-based steelmaker Salzgitter Group has remarked that, according to a ruling of the German Federal Finance Court published on January 13, 2016, dividend income generated by a borrower from a securities lending transaction can no longer be deemed tax exempt under certain circumstances. The ruling applies to all open tax years. Up until now, the tax authorities have treated this type of income as tax exempt. The company stated that it is therefore likely to be affected by this most recent legislation.
 
The revised legislation of the German Federal Finance Court will place a €15 million burden on the company’s pre-tax earnings and cause additional tax expenses of €26 million. However, Salzgitter stated that it is upholding its 2015 forecast of pre-tax earnings in the lower double-digit million-euro range.

Similar articles

Salzgitter expects loss of over €100 million for 2020

13 May | Steel News

Salzgitter anticipates lower results for financial year 2020

28 Apr | Steel News

Salzgitter’s revenues down in 2019 amid lower average sales prices

17 Mar | Steel News

Salzgitter posts net loss in January-September

14 Nov | Steel News

Salzgitter expects slight increase in sales in 2019

03 Jun | Steel News

Salzgitter raises its profit forecast for 2018

20 Sep | Steel News

Salzgitter sees increased net profit in H1

13 Aug | Steel News

Salzgitter’s net profit up 33.8 percent in Q1

17 May | Steel News

Salzgitter revises its profit forecast for 2018 upward

30 Apr | Steel News

Salzgitter sees increased net profit in January-September

15 Nov | Steel News