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.
Continue Reading for Free
Register and gain access to:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
