Barclays Plc will take a charge of about $1.3 billion this year as a result of the recent US corporate tax cut driven by President Donald Trump. Photo: AFPLondon: Barclays Plc will take a charge of about £1 billion ($1.3 billion) this year as a result of the recent US corporate tax overhaul driven by President Donald Trump. “The ultimate impact is subject to the effect of other complex provisions,” which Barclays is currently reviewing, the company said in the statement. The lowering of the US corporate tax rate from 35% to 21% will benefit most companies but it also requires them to recalculate deferred tax assets that have accumulated on their balance sheets. Bank of America Corp. will take a $3 billion charge, while Credit Suisse Group AG is at risk of posting a third consecutive annual loss after predicting it will take a 2.3 billion-francs ($2.33 billion) hit.

Source: Mint December 27, 2017 16:07 UTC