Some of the biggest U.K. firms including Google and Barclays are already enjoying a boost in tax-free rates, but a new report finds some are facing additional costs.
Bloomberg’s report on the companies shows that some U.B.T. companies are reporting that the new tax law will have a negative effect on their business, and that their tax bill will be higher than what it would be otherwise.
The report cites several companies that are reporting higher tax bills than normal as a result of the tax cuts.
Google, for instance, is reported to be losing between $600 million and $700 million in 2017, due to the higher tax rates, and Barclays has reported a loss of between $2 billion and $3 billion.
These companies may be able to recoup their losses, but their tax bills could still increase significantly.
In a statement to Bloomberg, Google’s chief tax officer, Peter Boulton, said that the company “is confident in the benefits of the new legislation, including its impact on U.G.T.’s tax liability and its ability to provide better value to our shareholders.”
Boulton also said that Google is “focusing on the long-term and not on the short-term,” which is why the company is not seeing the impact of the change in the tax rates.
“We are focused on the future and not the past,” Boulson added.
In addition, Barclays has also been reporting that it is “seeing the benefit of the reform,” which includes the lower tax rates for the U.A.E. and other regions.
Barclays has said that it expects that the impact on its tax bill is positive, and Boulon said that its “current tax position is at a record low.”
The news is especially concerning for U.
Bs., as many of the companies are based in the U, A, and U.P.A., regions where U.
Ts taxes are higher.
A large part of the UBs revenue comes from its overseas earnings, and the UBA has complained that it cannot pay its U.C.I.
A taxes due to a lack of clarity around the tax code.