Apple Apple says it will pay $38bn in foreign cash taxes and create 20,000 US jobs Tech giant says it will repatriate some overseas cash holdingsApple has faced sustained criticism for tax evasion policies Apple chief executive Tim Cook said: ‘We have a deep sense of responsibility to give back to our country.’ Photograph: Brian Powers/APApple said on Wednesday it would make a one-time payment of $38bn to repatriate some of its vast overseas cash holdings. Lawmakers in the US, European Union and the UK have criticized Apple over its tax policies. In June, Trump told the Wall Street Journal that Apple’s chief executive officer, Tim Cook, had promised to build three “big, big, big” plants in the US as part of a discussion about tax reform. In 2013, a Senate committee accused Apple of using a “highly questionable” web of offshore vehicles to avoid paying taxes in the US. In December, the Irish government was forced to start collecting $15bn that the European Union says Apple has unfairly avoided in taxes.

Source: The Guardian January 17, 2018 21:30 UTC