Impact of the U.S. Tax Reform Law on Equity-Method Investment Gains/Losses and Tax Expense
First written in FY2018-Q3. 1 of 2 entries say "Restated". Latest entry: FY2019-Q3.
3 other companies' latest entry also says "Restated".
- FY2019-Q3RestatedAnnual report
「Profit for the quarter attributable to owners of the parent was ¥1,200 million, down 88.7% year on year, partly because the year-earlier period benefited from a reduction in corporate taxes at a U.S. subsidiary following enactment of the U.S. Tax Cuts and Jobs Act.」
The company reconfirmed that the reduction in corporate taxes at the U.S. subsidiary in the year-earlier period following enactment of the U.S. Tax Cuts and Jobs Act affected the year-on-year comparison of profit attributable to owners of the parent in the current quarter. - FY2018-Q3First statedAnnual report
「The U.S. Tax Cuts and Jobs Act was enacted in the United States on 22 December 2017, reducing the federal corporate tax rate from 35% to 21% effective 1 January 2018. As a result, during the third quarter, an equity-method investment loss of ¥2,149 million was recognized due to the write-down of deferred tax assets at a U.S. equity-method affiliate. In addition, the write-down of deferred tax liabilities at a consolidated U.S. subsidiary reduced deferred tax liabilities by ¥4,268 million and income taxes by ¥4,217 million.」
Following the reduction in the U.S. federal corporate tax rate, the equity-method affiliate recognized an investment loss of ¥2,149 million, while the consolidated subsidiary reduced deferred tax liabilities by ¥4,268 million and income taxes by ¥4,217 million.