Jan 17, 2018

Apple to pay $38bn on foreign cash pile

Apple will pay about $38bn in tax on the $250bn cash pile it holds outside the US following recent changes to American tax rules. The tech giant also plans to to build a new campus and create 20,000 new jobs in the US. Apple said its plans would contribute more than $350bn to the US economy over the next five years. The company has not said how much, if any, of its cash abroad would be brought back to the US. Chief executive Tim Cook said Apple is "Focusing our investments in areas where we can have a direct impact on job creation". Apple is the latest company to promote plans to invest in America following the overhaul of the US tax code. Apple, which has been criticised for its large overseas cash holdings, had previously called for simplification of US tax rules.

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