Jan 2 (Reuters) - U.S. President Donald Trump signed a $1.5 trillion tax overhaul into law on Dec 22, cementing the biggest legislative victory of his first year in office.
The largest tax overhaul since the 1980s cuts the corporate rate to 21 percent from 35 percent.
Following is a list of European companies impacted by the changes (in alphabetical order):
(For a Factbox on U.S. companies, click on)
** Barclays expects to take a writedown of about 1 billion pounds ($1.34 billion) on the British bank’s 2017 post-tax profit.
** BMW expects tax benefits to lift the German carmaker’s 2017 net profit by between 950 million and 1.55 billion euros. ** BP will take a one-off, non-cash $1.5 billion charge in the energy company’s fourth quarter 2017 earnings, although it expects the new tax rules to positively impact its U.S. earnings in the long run. ** Credit Suisse expects to take a writedown of 2.3 billion Swiss francs ($2.3 billion) during its fourth quarter after the U.S. tax changes. ** Daimler expects an income tax benefit of about 1.7 billion euros in the German carmaker’s 2017 results. ** Iberdrola expects the changes to produce income of 1.2 billion euros ($1.4 billion) in 2017, the Spanish utility said. ** Qiagen 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, the biotech company said. ** Royal Dutch Shell will incur a charge to earnings of $2 billion to $2.5 billion on the basis of its third-quarter statements, the energy company said, but added it expected the tax legislation to have a “favourable” impact on its operations in the future. ** UBS expects a 2.8 billion Swiss franc ($2.88 billion) writedown in the fourth quarter because of the U.S. tax changes, newspaper SonntagsZeitung reported.
$1 = 0.8370 euros $1 = 0.9712 Swiss francs Compiled by Anna Pruchnicka in Gdynia; editing by Jason Neely