Apple Inc. may bring at least $5 billion of its offshore cashback to the U.S. next year, CEO Tim Cook suggested in an interviewon Irish radio.

“We provisioned several billion dollars for the U.S. for paymentas soon as we repatriate it, and right now I would forecast thatrepatriation to occur next year,” Cook told RTE Radio 1.

Given the U.S.'s 35% top corporate tax rate, a U.S. tax bill ofat least $2 billion suggests that Apple plans to bring at least$5.7 billion back next year. The European Commission said Tuesdaythat the Cupertino, Calif.-based company owed as much as $14.5billion in back taxes in Ireland, where it books most of itsEuropean revenue.

European Commissioner Margrethe Vestager said Apple paid 0.005%tax on its European sales in 2014 — a figure that Apple hasdisputed. The iPhone maker's global effective tax rate was 26% thatyear, according to its annual report.

Apple can credit any tax it pays abroad against the 35% it mustpay should it bring offshore profits home. This means any extraEuropean tax the company pays would cut what it pays in the U.S.This has sparked concern at the U.S. Treasury Department aboutmissing out on tax revenue and has raised expectations for U.S. taxreform. Republican nominee Donald Trump has proposed taxingcompanies' offshore profit at 10%.

It's unclear whether Cook's forecast of a repatriation in 2017depends on U.S. tax reform, or would happen without that. Applespokesman Josh Rosenstock declined to comment.

Apple investors in the U.S. are watching this closely becauseright now most of the company's profit is stashed overseas, makingit harder for the company to pay dividends, buy back stock andacquire U.S. companies. Apple has borrowed heavily to get aroundthis, but there's a limit to how much companies can borrow, evenfor a company as profitable as Apple.

The company had $232 billion in cash at the end of June. About$215 billion was kept outside of the U.S., Cook told investors July26.

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