• Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Sports
  • Eat Out
  • Classified
  • PODCAST
    • Apa Kabar Indonesia
    • Atlanta Burmese Voice
    • SungKhom Lao
    • Usapang Pinoy
ABOUT
Advertise in GAT
Contact us
Wednesday, June 29, 2022
Georgia Asian Times
International Insurance of Georgia
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Sports
  • Eat Out
  • Classified
  • PODCAST
    • Apa Kabar Indonesia
    • Atlanta Burmese Voice
    • SungKhom Lao
    • Usapang Pinoy
No Result
View All Result
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Sports
  • Eat Out
  • Classified
  • PODCAST
    • Apa Kabar Indonesia
    • Atlanta Burmese Voice
    • SungKhom Lao
    • Usapang Pinoy
No Result
View All Result
Georgia Asian Times
No Result
View All Result
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Sports
  • Eat Out
  • Classified
  • PODCAST
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

Toyota recalls electric car for faulty wheel that may detach
Business

Toyota recalls electric car for faulty wheel that may detach

June 26, 2022
Asian American youth encounter struggles with entering the workforce
Business

Asian American youth encounter struggles with entering the workforce

June 20, 2022
Fed attacks inflation with its largest rate hike since 1994
Business

Fed attacks inflation with its largest rate hike since 1994

June 15, 2022
China’s economy grows 8.1% in 2021, slows in second half
Business

World Bank dims outlook for global economy amid Russia war

June 7, 2022
Apple offers glimpse at upcoming changes to iPhone software
Business

Apple offers glimpse at upcoming changes to iPhone software

June 7, 2022
Sen. Ossoff Meets with Key U.S.-Japan Business Leaders in Georgia
Business

Sen. Ossoff Meets with Key U.S.-Japan Business Leaders in Georgia

June 6, 2022
Next Post

Fears of global crackdown fail to dampen cryptocurrency interest

Signup Free E-Newsletter

Upcoming Events

Jul 15
6:00 pm - 10:00 pm

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

Sep 17
September 17 @ 11:00 am - September 18 @ 6:00 pm

JapanFest 2022

View Calendar

 

CONTACT US

Follow Us

MOST INFLUENTIAL

GAT 25 Most influential Asian American in Georgia Awards Gala

2022 GAT 25 Most Influential Asian Americans in Georgia

May 1, 2022
Home

Record turnout at annual GAT 25 Most Influential Asian Americans in Georgia-Awards Gala

July 17, 2021

2021 GAT 25 Most Influential Asian Americans in Georgia

April 30, 2021

LINKS OF INTEREST

ATL Asian Film Festival

GAT on Facebook

  • Contact Us
  • Advertise in GAT
  • ABOUT

© 2022 Georgia Asian Times - empowered by 8SOL

No Result
View All Result
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Sports
  • Eat Out
  • Classified
  • PODCAST
    • Apa Kabar Indonesia
    • Atlanta Burmese Voice
    • SungKhom Lao
    • Usapang Pinoy

© 2022 Georgia Asian Times - empowered by 8SOL

Welcome Back!

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