Should I decide to cancel some leases on new aircraft on order, will the resulting financial loss be offset against my tax liability. Thanks for any replies
Don't care about taxes. The better you perform, the more taxes you pay. The more taxes you pay, the more money your company is worth. Don't try to outmaneuver them.
If you need those planes, keep tje orders. If you don't, cancel the order. That's all.
So, when you take a loss on a decision, then your profit is reduced (or eliminated). When you have a lower profit (or no profit), then your taxes go down (thus, your liability also goes down). The game takes tax payments on a weekly basis, but only refunds on an annual basis if you continue running at a loss.
Therefore, if you have a weekly profit of 1m and you cancel 2m of leases (that become an expense), then you will basically not pay taxes that week and the next week until your profits catch back up to the taxes already paid.