Dec 28 (Reuters) - U.S. President Donald Trump signed the Republicans’ massive $1.5 trillion tax overhaul into law on Friday, cementing the biggest legislative victory of his first year in office.
The tax package, the largest such overhaul since the 1980s, cuts the corporate rate from 35 percent to 21 percent and temporarily reduces the tax burden for most individuals as well.
Following is a list of European companies that have talked about the impact of the tax code revamp.
** Iberdrola: The Spanish utility sees non-recurrent income of 1.2 billion euros ($1.4 billion) in 2017, the company said on Thursday.
** Royal Dutch Shell: The oil major expects tax reform legislation to have a “favourable” impact on its operations. Shell said it would have incurred a charge to earnings of $2 billion to $2.5 billion on the basis of its third-quarter statements. ** BMW: The German carmaker sees the change resulting in tax benefits, lifting its 2017 net profit by between 950 million euros and 1.55 billion euros.
** Daimler: The German carmaker expects an income tax benefit of about 1.7 billion euros in its 2017 results.
** Barclays: The UK bank expects to take a writedown of about 1 billion pounds ($1.34 billion) on its annual post-tax profit. ** Credit Suisse: The Swiss bank expects to take a writedown of 2.3 billion Swiss francs ($2.3 billion) during its fourth quarter after the U.S. tax changes. ** UBS: The cross-town rival to Credit Suisse expects a 2.8 billion franc writedown in the fourth quarter because of the the U.S. tax update, Swiss newspaper SonntagsZeitung reported on Sunday.
** Qiagen: The biotech company will take an extraordinary post-tax charge on net income of about $110-120 million in the fourth quarter related to deferred tax assets, revaluation of deferred tax liabilities and other tax provisions. ** Metso: The Finnish industrial machinery company said the U.S. tax reform will have a favourable impact on its effective tax rate going forward.
For a factbox on U.S. companies that have talked about the impact of the tax code revamp, click on ($1 = 0.8370 euros) ($1 = 0.9784 Swiss francs) (Compiled by Anna Pruchnicka in Gdynia; Editing by Thyagaraju Adinarayan and David Goodman)