austriamicrosystems expects lower tax payments for the next years
Tax assessment implies lower minimum tax payments and no deferred tax impact in coming years
austriamicrosystems (SWX: AMS) has received a tax assessment and supporting advice from its tax advisors allowing the company to offset future earnings against previously unrecognized historic impairments and tax loss carry forwards.
The ability to recognize further historic impairments for tax purposes will significantly reduce austriamicrosystems’ tax base for the calculation of minimum corporate income tax payments in the next years and will result in minimal cash tax payments. Moreover, under IFRS further historic tax loss carry forwards which can now be recognized will delay the use of the deferred tax asset currently in the company’s consolidated balance sheet, leaving the deferred tax asset materially unchanged for the coming years.
austriamicrosystems emphasizes that, as in the past, the company’s taxation and tax payments will be subject to standard tax audits by the Austrian tax authorities, normally held in regular multi-year intervals. The company’s assessment of its tax position will be reflected in austriamicrosystems’ tax planning and consolidated group financial statements from the current quarter going forward.
austriamicrosystems is a leading designer and manufacturer of high performance analog ICs, combining more than 20 years of analog design capabilities and system know-how with its own state-of-the-art manufacturing and test facilities. austriamicrosystems leverages its expertise in low power and high accuracy to provide industry-leading customized and standard analog products. Operating worldwide with more than 800 employees, austriamicrosystems focuses on the areas of power management, sensors & sensor interfaces, portable audio and car access through its business units Communications, Industry & Medical, Automotive and Full Service Foundry. austriamicrosystems is listed on the SWX Swiss Exchange in Zurich (ticker symbol: AMS).