US Tax Bill

The bill imposes a 15% minimum corporate levy on firms that have traditionally paid little-to-no taxes thanks to credits and deductions

Under the new law, income made by American companies' overseas subsidiaries will face the US taxes that are half the rate applied to their domestic income

Trump again emphasised his "America First" mantra

The $1.5 trillion bill will be sent to President Donald Trump for his signature

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan bobbed lower in a choppy session

The plan includes steep tax cuts for corporations and wealthy taxpayers, repeals a section of the Obamacare health system and allows oil drilling in Alaska's Arctic National Wildlife Refuge,

European stocks opened higher, with French, German and British markets up 0.9 to 1.4 per cent

Banks and other financial institutions will still be able to avoid taxes by making payments to offshore subsidiaries

US Senate passes $1.4 trillion tax bill after flurry of final deals; Trump gets

A final vote on the bill is expected on Friday after a series of amendments are considered

The House Bill is estimated to increase the federal deficit by nearly $1.5 trillion over 10 years