‘Doomed to be a global leader’: CEO of US software giant Apple says company ‘deserves’ $1bn in US tax
Apple is likely to be worth about $1.6 trillion when it reports results on Wednesday, as the world’s largest tech firm’s corporate income tax rate is set to rise to 33%.
In a statement, CEO Tim Cook said the company had made the decision to raise its tax bill “to ensure it is as low as possible” and said it would “avoid any further negative consequences”.
“We have made this decision to address our tax bill and reduce our corporate tax rate, which will allow us to deliver on our plans to increase profits and expand our workforce,” Cook said.
“The US government has made clear that it expects Apple to pay a lower corporate tax bill than it did last year, so we have adjusted our tax strategy to reflect this.”
Apple’s US tax bill could rise by as much as $1 billion on Wednesday. Read more