Brambles Limited (ASX: BXB) has today announced that as a result of the recently announced Tax Cuts and Jobs Act in the United States, it estimates that there will be a one-time non-cash benefit to the Group's income tax expense of between US$125m and US$155m. This estimate is subject to further analysis and clarification on some items.
The tax reforms will include, among other changes, a decrease in the USA federal corporate tax rate from 35% to 21%. Brambles is yet to fully analyse the impact of these other changes.
Other top ASX stocks with US operations that are expected to benefit from the tax reforms include Macquarie Group Ltd (ASX: MQG), CSL Limited (ASX: CSL), BlueScope Steel Limited (ASX: BSL) and Ansell Limited (ASX: ANN) which estimated last year that it will benefit from a one-off tax expense benefit of around $18 million to $22 million in FY 2018.
