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Profits would be squeezed.
He predicted industry profits would be a record $46 billion.
If they paid less, profits would be lower.
Meanwhile, profits would be ploughed back into the paper.
It said profits would be up to 22% below expectations.
Still, the company said that profits would be hit.
"By reducing this discrepancy, the incentive to shift profits would be reduced as well".
Hence, most of those profits would be taxed at Singaporean, rather than German, rates.
Publicis said in July that its profits would be lower than expected.
Profits would be around £260m, he said, down from £675m last year.
Fear that Xerox's profits would be low cut the troubled copier company's valuation in half.
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