• Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Eat Out
  • Events
  • Podcasts
ABOUT
Advertise in GAT
Contact us
Thursday, March 30, 2023
Georgia Asian Times
International Insurance of Georgia
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Eat Out
  • Events
  • Podcasts
  • Login
No Result
View All Result
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Eat Out
  • Events
  • Podcasts
No Result
View All Result
Georgia Asian Times
No Result
View All Result
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Eat Out
  • Events
  • Podcasts
Home Business

Apple plans second U.S. campus, to pay $38 billion in foreign cash taxes

Georgia Asian Times by Georgia Asian Times
January 17, 2018
in Business
Share on FacebookShare on Twitter

Cupertino, January 17, 2018 – Apple Inc will open a second U.S. campus as part of a 5-year, $30 billion U.S. investment plan and will make about $38 billion in one-time tax payments on its overseas cash, one of the largest corporate spending plans announced since the passage of a tax cut signed by U.S. President Donald Trump.

Between the spending plan, tax payments and business with U.S. based suppliers, Apple on Wednesday estimated it would spend $350 billion in the U.S. over the next five years.

Apple, however, did not say how much of its $252.3 billion in cash abroad, the largest of any U.S. corporation, it would bring to the United States, after the U.S. tax changes cut costs on bringing funds back from overseas. It also did not say whether the spending plan was driven by the new tax law. Apple has traditionally declined to publicly announce its spending plans.

AD: High Museum of Atlanta

The iPhone maker, whose products are mostly made in Asian factories, said it plans a wave of investing and hiring in the United States and will create 20,000 jobs through hiring at its existing campus and the new one. It will announce the location later this year.

About a third of the new spending will be on data centers to house its iCloud, App Store and Apple Music services, a sign of the rising importance of subscription services to a company known for its computers and gadgets. The company has data centers in seven states and also on Wednesday broke ground on an expansion of its operations in Reno, Nevada, where local officials granted it tax breaks on a downtown warehouse.

The U.S spending would be a significant part of Apple’s overall capital expenditures. Globally, the company spent $14.9 billion in 2017 and expects to spend $16 billion in 2018, figures that include both U.S.-based investments in data centers and other projects and Asian investments in tooling for its contract manufacturers.

If Apple’s overall capital expenditures continue to expand at the same rate expected this year, the $30 billion investment in the U.S. could represent about a third of its capital expenditures over the next five years.

The announced tax payment was roughly in line with expectations, said Cross Research analyst Shannon Cross. The tax bill requires companies to pay a one-time tax on foreign-held earnings whether they intend to bring them back to the United States or not.

Apple had set aside $36.3 billion in anticipation of tax payments on its foreign cash, meaning the payment would not represent a major impact on its cash flow this quarter.

Apple also said it would boost its advanced manufacturing fund, which it uses to provide capital and support to suppliers such as Finisar Corp and Corning Inc, from $1 billion to $5 billion. Apple said it plans to spend $55 billion with U.S.-based suppliers in 2018, up from $50 billion last year.

AMAZON VS APPLE

Apple joins Amazon.com Inc in scouting for a location for a second campus. Amazon finished taking applications from cities in October for its second campus. Apple has not said whether it has settled on a second campus location yet.

Currently, Apple’s largest U.S. operations are in Cupertino, California, at its new “spaceship” Apple Park headquarters, followed by a facility in Austin, Texas where it houses customer service agents and where contract manufacturers assemble some Mac computers. The company also employs several thousand workers and contractors in Elk Grove, California, where it has customer service agents and refurbishes iPhones.

Apple also has built its own data centers in North Carolina, Oregon, Nevada, Arizona and a recently announced project in Iowa and leases data center space in other states. – Reuters

Previous Post

Former CIA agent arrested with top secret info

Next Post

Fears of global crackdown fail to dampen cryptocurrency interest

Georgia Asian Times

Georgia Asian Times

Related Posts

Powell: Fed to keep rates higher for longer to cut inflation
Business

Fed raises key rate by quarter-point despite bank turmoil

March 22, 2023
Google hopes ‘Bard’ will outsmart ChatGPT, Microsoft in AI
Business

Google’s artificially intelligent ‘Bard’ set for next stage

March 22, 2023
Business

Amazon cuts 9,000 more jobs, bringing 2023 total to 27,000

March 20, 2023
Biden insists banking system is safe after 2 bank collapses
Business

Silicon Valley Bank’s demise disrupts the disruptors in tech

March 15, 2023
Honda changing course, will build its own electric vehicles
Business

Honda recalling 500,000 vehicles to fix seat belt problem

March 15, 2023
Biden insists banking system is safe after 2 bank collapses
Business

Biden insists banking system is safe after 2 bank collapses

March 13, 2023
Next Post

Fears of global crackdown fail to dampen cryptocurrency interest

Signup Free E-Newsletter

Upcoming Events

Apr 7
8:00 am - 3:30 pm

Symposium on Asia-USA Partnership Opportunities (SAUPO) 2023

May 6
9:00 am - 4:00 pm

GAT AAPI Summit 2023

Jul 14
6:00 pm - 10:30 pm

GAT 25 Most Influential Asian Americans in Georgia 2023

View Calendar
Logo

 

CONTACT US

Follow Us

MOST INFLUENTIAL

GAT 25 Most Influential Asian Americans Gala celebrates Asian voice

GAT 25 Most Influential Asian Americans Gala celebrates Asian voice

July 18, 2022

Video highlights of GAT 25 Most Influential Asian Americans in Georgia

July 17, 2022

2022 GAT 25 Most Influential Asian Americans in Georgia-Awards Gala

July 17, 2022

LINKS OF INTEREST

ATL Asian Film Festival

     

  • Contact Us
  • Advertise in GAT
  • About
  • Privacy Policy
  • Terms of Use

© 2023 Georgia Asian Times - Empowered by 8SOL. Managed by Arckopolis.

No Result
View All Result
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Eat Out
  • Events
  • Podcasts

© 2023 Georgia Asian Times - Empowered by 8SOL. Managed by Arckopolis.

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Subscribe

Stop being a headline hopper and join our FREE Newsletter service! Get exclusive access to in-depth stories and breaking news. Don’t be left out in the cold – warm up to the news with us!

    Loading
    Loading
    Loading
    Loading
    Loading
    Register for FREE to read the rest of this article, or log in to your account.

      Or Login Here :

      [loginfrm]

      Are you sure want to unlock this post?
      Unlock left : 0
      Are you sure want to cancel subscription?