Apple Inc. may bring at least $5 billion of its offshore cash back to the U.S. next year, CEO Tim Cook suggested in an interview on Irish radio.
“We provisioned several billion dollars for the U.S. for payment as soon as we repatriate it, and right now I would forecast that repatriation to occur next year,” Cook told RTE Radio 1.
Given the U.S.'s 35% top corporate tax rate, a U.S. tax bill of at least $2 billion suggests that Apple plans to bring at least $5.7 billion back next year. The European Commission said Tuesday that the Cupertino, Calif.-based company owed as much as $14.5 billion in back taxes in Ireland, where it books most of its European revenue.
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