Trump tax cuts will help profits, says BP - News Summed Up

Trump tax cuts will help profits, says BP


BP said the cut in US corporate income tax to 21 per cent from 35 per cent would boost its earnings there PABP expects to reap higher profits from its American business thanks to President Trump’s corporate tax cut, but in the meantime will suffer a $1.5 billion hit to its 2017 results. The oil company expects its future earnings from the United States, one of its largest markets, to be “positively impacted by the recently enacted changes to US corporate taxes”, primarily thanks to the reduction in the corporate income tax rate to 21 per cent, from 35 per cent. However, it said that it would be hit by a one-off charge in the short term after re-evaluating its deferred tax position in light of the reforms. Royal Dutch Shell, its rival, and Barclays, the banking group, are among those that have indicated that they will…


Source: The Times January 03, 2018 00:05 UTC


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