BP to Take $1.5 Billion Hit From US Tax Reform

摘要

BP announced Tuesday that it would take an estimated $1.5 billion hit to its fourth-quarter 2017 earnings on account of President Trump’s controversial tax reforms that have seen the corporate income tax in the US fall from 35% to 21%. BP explained that the lowering of the tax rate in the US requires the revaluation of its deferred tax assets and liabilities in the country, which would lead to the one-off, non-cash charge on its income statement.