Helsinki,Finland, 2012-12-13 15:45 CET (GLOBE NEWSWIRE) -- Finnlines Plc Stock Exchange Release December 13, 2012 at 16:45
FINNLINES WILL ENTER TONNAGE TAXATION AS FROM 1 JANUARY 2013
The Finnish Parliament has approved the amended Tonnage Tax Act (476/2002), as amended by the Act 90/2012 which entered into force on 1 March 2012. The amended Act will be applied retroactively to taxation periods that have commenced during calendar year 2011.
Finnlines Plc’s board has decided to enter into the tonnage taxation regime as from 1 January 2013.
In the tonnage taxation regime, the shipping operations will be transferred from business taxation to tonnage-based taxation. As a consequence, the equity share 75.5 % of the depreciation difference (approximately EUR 209 million as of year 2011) recorded in the balance sheet of Finnlines Plc (the parent company), will be entered in the equity. The recording has no effect on the equity of the consolidated financial statements of the Finnlines Group.
During the years 2013-2022, the deferred tax liability (24.5 %) of the depreciation difference will be recorded through profit and loss account in Finnlines Plc’s and in Finnlines Group’s financial statements.
Finnlines Plc
The Board of Directors
Uwe Bakosch
President/CEO
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Nasdaq OMX Helsinki Ltd
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