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Eldorado Gold Corporation ("Eldorado" or the "Company") today provides the following updates on the tax impacts in Turkiye related to the weakening of the Turkish Lira.
The Company's profits from mining operations in Turkiye are taxed at the enacted rate and the resulting current income tax expense can be further increased or reduced by other items.
In the third quarter, the Company expects the Turkish current income tax expense on mining profits, at an enacted rate of 25%, to be decreased by up to $3 million. The expected decrease is primarily due to reductions from the investment tax credit relating to Kisladag and Efemcukuru, increased depreciation impact of revaluated fixed assets and certain legislated discounts to the enacted rate, partly offset by increases due to the weakening of the Lira in the quarter and the resulting generation of taxable unrealized foreign exchange gains.
As disclosed in the second quarter, the enacted rate change is applicable retroactively to profits earned in the first and second quarters. As a result, an incremental current tax charge of approximately $6.2 million will be recognized in the three and nine months ended September 30, 2023.
Additionally, the enacted rate change will result in an approximate $19 to $20 million deferred tax expense for the three and nine months ended September 30, 2023.
Posted In: EGO
