Companies & Finance

Trump’s tax reforms will dent BP profits

United States tax reforms signed into law by President Donald Trump in December will hit BP’s profits by $1.5 billion in a one-off charge.
By Staff reporter 3 January 2018 0 28945

United States tax reforms signed into law by President Donald Trump in December will hit BP’s profits by $1.5 billion in a one-off charge but will have a positive impact on earnings in the future, the company said on Tuesday.

The US has reduced its corporate tax rate from 35% to 21%. The one-off charge will show in BP’s Q4 2017 results, which will be announced on 6 February.