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British company fears US tax reform

rocky
rocky
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 British company fears US tax reform Empty British company fears US tax reform

Post by rocky on Wed 03 Jan 2018, 2:10 am

[size=30]British company fears US tax reform[/size]
03/01/2018 10:58 | Number of readings: 1
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Trend Press / Agencies
 
[rtl]The British oil company "BP", expected that the recent tax reforms in America suffered losses of $ 1.5 billion in the fourth quarter of 2017.[/rtl]
 
[rtl]"Reducing the corporate income tax rate to 21 percent requires a revaluation of the company's deferred tax assets and liabilities in America," the company said in a statement.[/rtl]
 
[rtl]"The expected impact of this will be a one-time non-cash charge on the Group's income of approximately $ 1.5 billion, which will be reflected in BP's results in the last quarter of last year."[/rtl]
 
[rtl]But the company noted that "long-term revenues" will be positively affected "as a result of these reforms.[/rtl]
 
[rtl]The company will unveil its fourth-quarter results next month. Under a tax reform approved by the US Congress in mid-December, the federal tax on companies will drop from 35 to 21 percent.[/rtl]
 
[rtl]But large companies, pointed out that the law will lead to a decline in revenues from abroad in the near term.[/rtl]
 
[rtl]The latest tax adjustment on these revenues imposes 15.5 percent on cash and 8 percent on real estate and non-cash assets.[/rtl]
 
[rtl]Other companies have expected a one-time loss in Chapter 4 accounts, including rival rival BP's Royal Dutch Shell, as well as banking groups such as Barclays and Credit Suisse.[/rtl]




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