London - Apple’s chief executive says the company has put aside “several billion dollars” to pay tax liabilities in the United States as it repatriates some of its huge overseas earnings.
Tim Cook told Irish state network RTE in an interview broadcast Thursday that the money, part of profits from 2014, should be brought back to the U.S. next year. He did not specify how much would be repatriated.
Apple holds nearly $215 billion in cash and securities outside the U.S., much of that generated by its Irish subsidiaries. Cook has complained in the past that high U.S. taxes have discouraged the company from bringing those earnings home.
This week, the European Union ordered the company based in Cupertino, California, to pay $14.5 billion in back taxes to Ireland plus billions more in interest.... Read More: VIN