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BlackBerry Expected to get $500 Million Tax Refund

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BlackBerry Expected to get $500 Million Tax Refund

BlackBerry is poised to receive a giant tax break. Within the next year, the company anticipates a tax rebate of $500 million by the end of August 2014, according to the Toronto Globe & Mail. The precise source of the rebate, whether from Canada or another taxing jurisdiction, is not yet clear.

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In the second quarter of FY 2014, BlackBerry posted a tax loss of $965 million, primarily on the basis of inventory writedown. However, some other aspects of their financial situation are about to appear when some regulatory filings become public. For example, BlackBerry anticipates a booking of $400 million in charges from several factors taking place before June 2014. Some of these factors include the costs with laying off 4,500 employees, reworking the entire smartphone lineup and revamping marketing and sales. As sales of the BlackBerry Z10 touchscreen phone have been much lower than anticipated, the company is in the midst of restructuring and is seeking a buyer. It appears, though, that BlackBerry may finally be on its way out after once having been the darling of the PDA market.

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