BMW: 2017 accounts boosted by US tax reform
(CercleFinance.com) - On 22 December BMW reported on the consequences of the cut in the maximum corporate tax rate from 35% to 21% in the United States.
The Bavarian luxury carmaker expects a “positive impact” on the 2017 annual accounts of between 1 and 1.5 billion euros.
At this stage it is refraining from making any forecasts for 2018.
This tax cut voted by Congress in Washington, which formed part of the promises made by Trump when he was a candidate, will be effective from 1 January 2018. “As a result, the deferred taxes in the balance sheets of the US companies included in the BMW AG 2017 group financial statements must be re-measured” indicates the Munich-based group, nevertheless providing an order of magnitude.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The Bavarian luxury carmaker expects a “positive impact” on the 2017 annual accounts of between 1 and 1.5 billion euros.
At this stage it is refraining from making any forecasts for 2018.
This tax cut voted by Congress in Washington, which formed part of the promises made by Trump when he was a candidate, will be effective from 1 January 2018. “As a result, the deferred taxes in the balance sheets of the US companies included in the BMW AG 2017 group financial statements must be re-measured” indicates the Munich-based group, nevertheless providing an order of magnitude.
Copyright (c) 2017 CercleFinance.com. All rights reserved.