FILE PHOTO: Australian mining company BHP's new corporate logo, released to Reuters from their Melbourne, Australia, headquarters May 15, 2017. BHP/Handout via REUTERS
13 February 2018: BHP Billiton said on Tuesday it will record a $1.8 billion income tax expense due to cuts in the U.S. Federal corporate income tax rate.
The expense, which will be treated as an exceptional item, consists of a non-cash re-measurement of deferred taxes of $898 million and a non-cash impairment of foreign tax credits of $834 million.
However, the miner has said that the lower corporate tax rate will benefit its U.S. attributable profit in the longer term.