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SAP says one-off item to reduce 2017 tax bill

Reuters
FILE PHOTO: The logo of German software group SAP is pictured in Vienna, Austria, July 25, 2016. REUTERS/Leonhard Foeger/File Photo

FRANKFURT (Reuters) - German business software group SAP SE (SAPG.DE) said on Friday lowered the forecast for its expected effective tax rate in 2017 to reflect the impact of an intra-group transfer of intellectual property rights.

Considering the estimated one-time benefit from the step, SAP now expects its full-year effective tax rate to be 23 to 24 percent based on international financial reporting standards, down from 26 to 27 percent previously.

Based on the non-IFRS accounting conventions it uses to present its results, the revised tax rate will be 25 to 26 percent down from 27 to 28 percent, SAP said in a statement.

SAP flagged the one-time benefit when it announced third-quarter results and the company promised to update investors once it had quantified its impact. The outlook does not consider any impact of a proposed U.S. tax reform now before Congress.

(Reporting by Douglas Busvine; Editing by Maria Sheahan)