Apple will see up to $47bn slashed from its expected tax liability if Republicans push through their tax plan, making it the biggest beneficiary of the legislation working its way through Congress.
The massive scale of the tax cut, based on calculations by tax experts and the Financial Times, has come into focus as the Senate and House bills have converged over their treatment of the estimated $1.3tn of cash American companies hold offshore. The details of the tax legislation have yet to be finalised.
The potential windfall for the world’s most valuable company stems from the reduced tax rate that would be applied to foreign earnings that it currently holds outside the US.
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