Australian mining giant BHP Billiton to take a 1 time $1.8 billion tax hit in the U.S.

The one-time tax hit is because of changes made to the U.S. tax code.

On Tuesday, Australian mining giant BHP Billiton stated it will incur a $1.8 billion income tax hit due to changes in the income tax rate for U.S. Federal corporates.

The expense, 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.

BHP Billiton stated, in the long run, the lower corporate tax rate will benefit its U.S. attributable profits.

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