Weir Group PLC Preliminary US tax reform assessment (5375B)
January 11 2018 - 1:00AM
UK Regulatory
TIDMWEIR
RNS Number : 5375B
Weir Group PLC
11 January 2018
The Weir Group PLC
LEI Number: 549300KDR56WHY9I3D10
Preliminary assessment of the impact of US Tax reform
legislation
The Weir Group notes the recently enacted Tax Cuts and Jobs Act
("the Act"), which came into effect on 1 January 2018. While work
is ongoing and we will provide more detailed information with the
publication of our 2017 Annual Results, our preliminary impact
assessment is noted here.
The measures included in the Act, subject to any further
specific guidance on interpretation being released, are likely to
give rise to an initial one-off non-cash tax credit in 2017
resulting from the revaluation of the Group's aggregate US Deferred
Tax Assets and Deferred Tax Liabilities following the reduction in
the US federal rate of corporate income tax.
Going forward, from 2018 the favourable impact of the headline
federal rate reduction is likely to be largely offset by greater
restriction on the level of interest deduction allowed in the US,
leaving the overall impact of the Act on the Group's effective tax
rate broadly neutral. Based on this preliminary assessment, the
Group's effective tax rate for 2018 is likely to be around 25%.
- Ends -
About The Weir Group PLC
Founded in 1871, Weir is one of the world's leading engineering
businesses providing mission-critical equipment and aftermarket
solutions to energy and natural resources customers in more than 70
countries. The group, which employs around 15,000 people, comprises
three divisions: Minerals; Oil & Gas; and Flow Control, and is
headquartered in Glasgow, Scotland, UK.
Enquiries:
----------------------------- ---------------------------
+44 (0) 141 637 7111 / +44
Investors: Stephen Christie (0) 779 511 0456
----------------------------- ---------------------------
+44 (0) 141 637 7111 / +44
Media: Raymond Buchanan (0) 771 326 1447
----------------------------- ---------------------------
Brunswick: Patrick Handley
/ Diana Vaughton +44 (0) 20 7404 5959
----------------------------- ---------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCBMMRTMBBBBMP
(END) Dow Jones Newswires
January 11, 2018 02:00 ET (07:00 GMT)
Weir (LSE:WEIR)
Historical Stock Chart
From Apr 2024 to May 2024
Weir (LSE:WEIR)
Historical Stock Chart
From May 2023 to May 2024