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Apple to benefit from Donald Trump’s tax holiday plans

Wednesday, April 12, 2017 4:41
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(Before It's News)

Apple Inc. (NASDAQ:AAPL) will save US$43.5bn in taxes on Donald Trump’s plan to encourage US firms to bring offshore cash piles back to American soil, according to research by Oxfam.

The US President has vowed to offer a one-off tax holiday to companies if they repatriate profits held offshore. Trump proposed a 10% tax on repatriated money instead of the statutory rate of 35%.

The move would save the 50 biggest American corporations at least US$300bn, Oxfam’s research showed.

Apple holds more than US$200bn offshore and plans to bring home much of the pile this year. Last September Apple’s chief executive, Tim Cook, said the company had set aside “several billion dollars for the US for payment as soon as we repatriate” some or all of the money.

His remarks came a month after the European Commission accused the iPhone maker of tax avoidance and ordered it to pay €13bn in back taxes.

Cook denied the claims and called the Commission’s accusations “political crap”.

Trump promised his one-off 10% tax rate during his 2016 presidential campaign. He argued the proposal would bring back trillions of dollars from American businesses that is currently located overseas.

He said at a campaign event in Michigan: “We’re going to get Apple to start building their damn computers and things in this country rather than other countries.”

Shares in Apple fell 0.16% in US pre-market trading to US$141.63. 

Story by ProactiveInvestors

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