Learn To Invest
Stocks Special Reports LICs Credit Funds ETFs Tools SMSFs
Video Archive Article Archive
News Stocks Special Reports Funds ETFs Features SMSFs Learn
About

Company News Summary

BHP Billiton Advises on US Tax Reform

13 Feb 2018  |  17:09:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: US Tax Reform

BHP Billiton advised that the Company expects to recognise an income tax expense of US$1.8bn which will be treated as an exceptional item as a result of the US Tax Cuts and Jobs Act introducing a reduction in the US Federal corporate income tax rate from 35% to 21% as well as other measures, including changes to international tax provisions. The two main components of this exceptional item are expected to be: a non-cash re-measurement of deferred taxes as a result of the reduction in the US Federal corporate income tax rate of US$898M; and a non-cash impairment of foreign tax credits due to reduced forecast utilisation of US$834M. The US tax reform will have a positive impact on the Group's US attributable profits in the longer term mainly due to the lower corporate tax rate.

Please click here for full details

See more ASX300 News Announcements