RON BOUSSO: JANUARY 2, 2018 / 7:34 AM
LONDON (Reuters) – BP (
BP.L) will take a one-off $1.5 billion charge in its 2017 fourth quarter earnings as a result of new U.S. corporate income tax rules, joining rival Royal Dutch Shell.
The British oil and gas company said on Tuesday the cut in U.S. corporate income tax from 35 percent to 21 percent was expected to positively impact its U.S. earnings in the long run.
But in the short term, lower tax rates would affect its deferred tax assets and liabilities, resulting in a one-off, non-cash charge of $1.5 billion to its fourth quarter results which are due to be announced on Feb. 8, it said.
“The ultimate impact of the change in the U.S. corporate income tax rate is subject to a number of complex provisions in the legislation which BP is reviewing,” BP said in a statement. read more
Like this:
Like Loading...
This website and sisters
royaldutchshellplc.com,
shellnazihistory.com,
royaldutchshell.website,
johndonovan.website, and
shellnews.net,
are owned by
John Donovan. There is also a
Wikipedia segment.