Quote:
Originally Posted by firebug
Again, if you don't understand it, don't quote it.
That isn't a charge to the government (i.e. no cash impact). In fact, if you read their financials (Q2 - 2015 note 7) you'll see that their H1 2015 deferred income tax expense is $60 MM lower than H1 2014 (209 vs 269) and current taxes paid are -3MM for Q2 (ie they got money back) and -108MM for H1.
Do they figure they will have to pay more in the future, of course, but it's being reported like they have to pay $579 right now, when in reality in North America they only had to pay $79mm (vs $225mm last year) in the quarter. The $579MM is an accounting gimmick (aren't they all) that they are using to score some political points and put pressure on the government.
|
So please explain how the $579 is an accounting gimmick?
And....to my point, will the 2% increase in corporate taxes result in less money for CNRL in this quarter or any future quarters?