GM announces tax charge
Wednesday, 7 November 2007
Source: Penny Sukhraj, Accountancy Age
General Motors has announced a $39bn charge in its third quarter results to remove net deferred tax assets from its books.
The Detroit-based company said that the charge, which affects the automaker's businesses in the US, Germany and Canada, would not impact operations or restructuring.
The hit on the books is the largest at GM so far, which has encountered a string of accounting irregularities since 2005.
GM's third quarter results, which are set to be reported today, are likely to show significant red ink, the New York Times reported.
General Motors has announced a $39bn charge in its third quarter results to remove net deferred tax assets from its books.
The Detroit-based company said that the charge, which affects the automaker's businesses in the US, Germany and Canada, would not impact operations or restructuring.
The hit on the books is the largest at GM so far, which has encountered a string of accounting irregularities since 2005.
GM's third quarter results, which are set to be reported today, are likely to show significant red ink, the New York Times reported.
Labels: company news, corporate tax, tax news
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