{"id":59842,"date":"2018-01-19T07:31:45","date_gmt":"2018-01-19T07:31:45","guid":{"rendered":"http:\/\/www.bnreport.com\/apple-to-send-38-billion-in-taxes-on-overseas-cash-to-the-us\/"},"modified":"2018-01-19T07:31:45","modified_gmt":"2018-01-19T07:31:45","slug":"apple-to-send-38-billion-in-taxes-on-overseas-cash-to-the-us","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/apple-to-send-38-billion-in-taxes-on-overseas-cash-to-the-us\/","title":{"rendered":"Apple to send $38 billion in taxes on overseas cash to the US"},"content":{"rendered":"

Apple said Thursday it would pay roughly $38 billion in tax to the United States because of recent tax law changes<\/a>, after repatriating cash it now holds overseas.<\/p>\n

The move comes as American and European politicians remain divided<\/a> over how U.S. tech companies \u2014 firms that have, collectively, $2 trillion stashed outside of the U.S. \u2014 should pay tax on their global operations.<\/p>\n

That fight will likely grow as more companies follow Apple\u2019s lead to move money held overseas back to the United States where recent tax reforms permit companies to pay a tax rate of 15.5 percent on repatriated earnings compared to the existing corporate tax rate of 35 percent, before deductions.<\/p>\n

\u201cWe have a deep sense of responsibility to give back to our country and the people who help make our success possible,\u201d Tim Cook, Apple\u2019s chief executive, said in a blog post<\/a>.<\/p>\n

As part of the announcement, the iPhone maker said that it would spend an estimated $55 billion in the U.S. during 2018 on its own investments and for those targeted within its domestic supply chain.<\/p>\n

Apple\u2019s decision to move such a sizable amount of money back to the U.S. will raise eyebrows in many European capitals, as well as within the European Commission, which demanded in 2016<\/a> that the company repay \u20ac13 billion in back taxes to the Irish government.<\/p>\n

Both Ireland and Apple are appealing that ruling.<\/p>\n

UPDATED: <\/em>This item was updated to clarify that Apple said it will pay $38 billion in taxes to the U.S.<\/em><\/p>\n

Original Article<\/a><\/p>\n

[contf] [contfnew] <\/p>\n

<\/a><\/h5>\n","protected":false},"excerpt":{"rendered":"

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