Jan 2 (Reuters) - British energy company BP expects a positive impact on future post-tax earnings from the United States after the changes to U.S. corporate taxes, it said on Tuesday.
The company said that the lowering of the U.S. corporate income tax rate to 21 percent from 35 percent requires revaluation of BP’s U.S. deferred tax assets and liabilities.
BP said it expects a one-off non-cash charge of about $1.5 billion on this year’s fourth-quarter results. (Reporting by Arathy S Nair in Bengaluru; Editing by David Goodman)
Breakingviews
Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.
Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. All opinions expressed are those of the authors.