Technology

Apple to Pay $38 Billion in Taxes on Cash Overseas, Build U.S. Campus

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Verizon Communications Inc said on Wednesday the tax overhaul bill signed into law by U.S. President Donald Trump late last year will result in a one-time reduction in net deferred income tax liabilities of about $16.8 billion.

Source: Reuters

Apple Inc will open a new campus as part of a five-year, $30 billion U.S. investment plan and will make about $38 billion in one-time tax payments on its overseas cash, one of the largest corporate spending plans announced since the passage of a tax cut signed by U.S. President Donald Trump.

Source: Reuters

Apple said it would pay a one-time tax of $38 billion on its overseas cash holdings and ramp up spending in the U.S., as the world’s most valuable public company seeks to emphasize its contributions to the American economy after years of criticism for outsourcing manufacturing to China.

All Sources: Wall Street Journal Reuters Reuters

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