Factbox: European winners and losers after U.S. tax overhaul

Suominen Oyj

28/12/2017 15:35

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  IBE.MC : The Spanish utility sees non-recurrent 
income of 1.2 billion euros ($1.4 billion) in 2017, the 
company said on Thursday.  urn:newsml:reuters.com:*:nFWN1OR0B3 
     
** Royal Dutch Shell  RDSa.L : 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.  urn:newsml:reuters.com:*:nL8N1OR0I4 
 
** BMW  BMWG.DE : 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.  urn:newsml:reuters.com:*:nFWN1OM0L2 
     
** Daimler  DAIGn.DE : The German carmaker expects an income tax 
benefit of about 1.7 billion euros in its 2017 results. 
 urn:newsml:reuters.com:*:nL8N1OM4FJ 
     
** Barclays  BARC.L : The UK bank expects to take a writedown of 
about 1 billion pounds ($1.34 billion) on its annual post-tax 
profit.  urn:newsml:reuters.com:*:nL8N1OR15V 
 
** Credit Suisse  CSGN.S : 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.  urn:newsml:reuters.com:*:nFWN1OM0ON 
 
** UBS  UBSG.S : 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  QIA.DE  QGEN.O : 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.  urn:newsml:reuters.com:*:nFWN1OM0OH 
 
** Metso  METSO.HE : The Finnish industrial machinery company 
said the U.S. tax reform will have a favourable impact on its 
effective tax rate going forward.  urn:newsml:reuters.com:*:nFWN1OQ025 
     
For a factbox on U.S. companies that have talked about the 
impact of the tax code revamp, click on  urn:newsml:reuters.com:*:nL4N1OM40N 
 
($1 = 0.8370 euros) 
($1 = 0.9784 Swiss francs) 
 
 (Compiled by Anna Pruchnicka in Gdynia; Editing by Thyagaraju 
Adinarayan and David Goodman) 
 ((anna.pruchnicka@thomsonreuters.com; +48 58 772 0920;)) 
 
Keywords: USA TAX/EUROPE COMPANIES