LONDON—Apple’s chief executive says the company has put aside “several billion dollars” to pay tax liabilities in the United States as it repatriates some of its huge overseas earnings. Apple holds nearly $215 billion (U.S.) in cash and securities outside the U.S., much of that generated by its Irish subsidiaries. Cook has complained in the past that high U.S. taxes have discouraged the company from bringing those earnings home. This week, the European Union ordered the company based in Cupertino, California, to pay $14.5 billion (U.S.) ($18.9 billion Canadian) in back taxes to Ireland plus billions more in interest. The tax dispute is part of an ongoing fight over whether America’s largest global corporations pay adequate taxes throughout the world.

Source: thestar September 01, 2016 14:26 UTC