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European companies predict positive impact of U.S. tax reform on profits

European companies predict the positive impact of the tax reform in the U.S. on their profits, but do not exclude large write-offs in the near future due to the revision of taxes of future periods. The law passed by the U.S. Congress and signed by President Donald Trump last week provides for reduction in the corporate profit tax from 35% to 21% from 2018.

Royal Dutch Shell PLC, one of the largest oil companies in Europe, said on Wednesday that the tax reform in the U.S. is likely to be favorable for Shell and its U.S. operations.

The German car manufacturer BMW AG believes that the tax reform in the US will have a positive impact on its net profit in 2017 in connection with the revision of the assessment of future taxes.

The write-offs of Barclays in connection with tax changes in the U.S. will amount to about 1 billion pounds ($1.34 billion) in the accounts for 2017, the British bank said on Wednesday.


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