Apple said on Wednesday it expected to pay a $38 billion (€31 billion) tax bill – the largest of its kind ever – as it repatriates overseas cash, most of it once held by Irish subsidiaries, to the United States. The figure suggests the iPhone maker plans to transfer all of its $252 billion of cash held outside of the US. Most of this was held by an Irish arm before the group moved the residency of that unit to Jersey at the end of 2014. That move was a result of tax law changes in Ireland in 2015, meaning Irish-registered companies could no longer be “stateless” for tax purposes. This is because the rules would require tax to be paid either in the US or here.

Source: The Irish Times January 17, 2018 19:18 UTC