nsucurrent.com May 21, 2018

Apple to pay United States tax on foreign cash

18 January 2018, 01:56 | Ricardo Garza

Apple also told employees that it’s issuing stock-based bonuses worth $2,500 each following the new US tax law

Apple also told employees that it’s issuing stock-based bonuses worth $2,500 each following the new US tax law

The company expects to spend $30 billion in capital expenses that will help create more than 20,000 new positions over the next 5 years.

The firm says all of this activity will translate to $350 billion in contributions to the United States economy over the five year period, and that amount does not include "the tax revenues generated from employees' wages and the sale of Apple products", or "ongoing tax payments", the company said in the statement. The company said the plans span three areas in which it impacts the creation of jobs the most, which are direct employment, spending and investment with its domestic suppliers and manufacturers, and what it calls the "app economy".

Apple even puts a positive spin on the fact that it's now having to pay $38 billion in repatriation taxes in the wake of recent changes to United States tax law, asserting that it's "already the largest U.S. taxpayer".

Apple, which past year unveiled its Advanced Manufacturing Fund for supporting innovation efforts both of us companies and foreign companies investing in the USA, plans increase that fund to $5 billion from its previous $1 billion commitment.

The bill gave incentives to US companies to bring offshore holdings back home, required them to to pay a one-time tax of 15.5% on overseas profits held in cash and other liquid assets.

James Cordwell, of Atlantic Equities, said Apple's investment plan could make it easier for the company to give more cash to shareholders.

Apple will spend an estimated US$55 billion with U.S. suppliers and manufacturers in 2018. According to Apple, the new campus will be initially dedicated to technical support for customers, but its role could expand in the future.

The repatriation will also see Apple, seen by critics as one of the planet's worst tax avoiders, pay a massive $US38 billion ($48 billion) in tax to the United States federal coffers.

People walk in front of a branch of USA technology company Apple in Zurich, Switzerland April 5, 2016.

Roughly $10 billion of the money will go to USA data centers.

That amount does not include the company's regular tax payments or tax revenues generated on the wages of its employees and sales of its products.

Apple will also invest in teaching students to code and programs focused on STEAM. "The location of this new facility will be announced later in the year", the company said in a statement. That implies that Apple will be bringing to the USA all of its $252 billion of overseas cash, Wells Fargo analyst Aaron Rakers said in a note to clients. Apple was not forthcoming on more specific details about the campus. Walmart, for instance, said it was giving bonuses up to $1,000, but the highest bonuses only went to employees who worked with the company for 20 years or more.

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