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Around two-thirds of the $5 billion decrease is due to
repatriation tax, Goldman said in a statement with the U.S.
Securities and Exchange Commission.
However, the impact of the tax legislation may differ from the
estimate, according to the bank.
Congress last week approved a U.S. tax overhaul, the biggest in
30 years, which includes steep tax cuts for corporations and
wealthy taxpayers.
The new law significantly lowers the income tax rate for U.S.
companies - to 21 percent from 35 percent - allowing them to
repatriate cash from overseas, and modifies numerous deductions,
among other changes.
The tax overhaul will allow Apple Inc <AAPL.O> to bring back its
$252.3 billion foreign cash pile without a major tax hit - a
long-standing company goal.
Drugmaker Amgen Inc <AMGN.O> last Friday also said it expects to
incur tax expenses of $6 billion to $6.5 billion over time as it
repatriates cash it has accumulated around the world because of
the new law.
(Reporting By Aparajita Saxena in Bengaluru; Editing by Shounak
Dasgupta)
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