Businesses and unions are using the new tax law to push back against the proposed corporate moving and corporate texting services that are now being considered in the new U.S. Congress.
A group of U.N. experts says the new law will have a ripple effect on the global economy.
In their annual report released Tuesday, the experts said that the new taxes will cost companies $3 trillion in lost revenues in 2021, according to the International Monetary Fund.
They also warned that a number of services will be less efficient as a result of the tax changes, including telemarketers and telephone companies, and that there will be a significant decline in the number of call centers.
“This will impact our ability to compete globally and will create a huge burden on the economy,” said U.K. trade minister James Brokenshire.
“It will be hard for the U.KS to compete in international markets and will impact businesses and individuals globally.”
The government has already announced a number a new taxes, including one to tax companies that move workers abroad and another to limit the use of the Internet to certain businesses.
A new tax on companies that sell products to the Internet is also in the works.
The government is expected to start raising taxes next year and the new regulations could take effect as early as 2021.
Some U.J. companies have already raised taxes to offset the new charges.
The U.B.C. said it would levy a 1 percent tax on the value of its services, including a tax on telemarkets and telephone calls.
The company said it plans to ask for an additional $30 billion to help it pay for the tax.
A company with more than 1,500 employees that sells products to individuals or businesses overseas will be exempt from the new $30-per-customer tax.
U.R.O. said the new corporate moving tax will also affect the UBS Group, the UCL Group and UBS Capital Group.
UBS said it will have to pay an additional 4 percent tax and it will be required to keep records on the number and location of employees in each of the UBC, UBS, UCL and UBH Group, among others.
The tax on business telemarketing will also be applied to UBS.
The new tax has already hit some businesses hard.
A spokesman for U.U.S.-based bank Morgan Stanley said it is reviewing the new bills and expects the impact on its operations.
“While it is unclear at this point what the impact will be on our business and financial performance, we believe that the government will be able to impose the taxes fairly and efficiently,” said the spokesman, Peter McPherson.
“As a result, we are reviewing the impact to our financial statements and evaluating how best to manage the impact.”
The UBS spokesman added that the bank’s board of directors will meet next week to discuss the impact.
“We are also reviewing the tax in detail to determine the best course of action,” the spokesman said.
The bank is not the only company to face criticism from the UB.
S Government over its move to tax Internet telemarketers.
A U.M.G. group that is part of the Bank of America Group, for example, is considering a tax that would apply to all of its telemarketer clients.
The bill would be effective as of January 1, 2021, and would apply only to telemarkers, but U.H.G.’s Telemarketer Tax could apply to the companies that have more than 25 employees.