|
|
Article: Corporate tax changes to take a bite out of company budgets in 3rd quarter.
- Article from:
- The Oil Daily
- Article date:
- October 7, 1993
- Author:
CopyrightCOPYRIGHT 1993 Energy Intelligence Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
WASHINGTON -- Oil and gas companies will feel the impact of President Clinton's corporate tax increase sooner than many might have expected -- thanks to an obscure but important accounting rule change.
Many companies will be required to take a significant one-time charge in the third quarter to adjust for increased tax liabilities under the new tax rate.
Some companies expect to see third-quarter earnings drop below expectations when results are announced in a couple of weeks, due to a series of events over which they had no control.
The impact will vary greatly, from an estimated $100 million and 11*/share for Royal Dutch/ Shell Group, ...