Cardno Ltd advises that the passing of the Tax Cuts and Jobs Act by the United States government (that, amongst other things, reduces the US federal corporate income tax rate from 35% to 21%) is expected to reduce Cardno’s Deferred Tax Assets by the Australian dollar equivalent of approximately USD 28 million. This will be reflected as a reduction in deferred tax assets and associated charge to income tax expense
Cardno’s preliminary view is that the many other measures included in the Tax Cuts and Jobs Act are not expected to have a material financial impact on the company.
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