Apple expects to pay billions of dollars of extra taxes in the US next year when it brings home the offshore cash pile at the centre of its dispute with Brussels, the technology company’s chief executive said yesterday.
Tim Cook told Ireland’s national broadcaster, RTE, Apple had set aside “several billion dollars for the US for payment as soon as we repatriate” some or all of its $215bn in overseas cash.
“Right now I would forecast that repatriation to occur next year,” he said. Mr Cook had previously said returning those funds to the US was contingent on a new American president introducing corporate tax reform that would lower the 35 per cent rate.
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