City Developments (SG:C09) has released an update.
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CDL Investments New Zealand Limited (CDI) has announced that a recent change in tax legislation, disallowing the depreciation claim on commercial buildings, will lead to a one-time adjustment of about $4 million in deferred tax liability. This non-cash expense will be reflected in CDI’s interim financial results for 2024 but will not affect the company’s cash flow or trading profitability. CDI is preparing to release its interim results following a thorough review and external consultancy on the impact of the tax change.
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