Apple has announced plans to step up investment in the US in the wake of tax reform changes that will see it repatriate billions of dollars from overseas.
The group said it would invest more than $30bn to expand its US operations, including a new US campus, data centres and moves to create more than 20,000 jobs over a five-year horizon.
Apple claimed it would be making a staggering $350bn “direct contribution” to the US economy over the next five years.
“We believe deeply in the power of American ingenuity, and we are focusing our investments in areas where we can have a direct impact on job creation and job preparedness. We have a deep sense of responsibility to give back to our country and the people who help make our success possible,” said Apple chief executive Tim Cook.
Apple said planned capital expenditures in the US, investments in American manufacturing over five years and a record tax payment upon repatriation of overseas profits would account for approximately $75bn of its $350bn direct contribution.
The technology giant also revealed it expected a one-off repatriation tax payment of $38bn as part of recent changes in US tax law, representing by far the biggest payment of its kind to date.
The Trump administration will be no doubt very pleased with Apple´s announcement, which appears to show US tax reform is having the desired effect.
Previously, companies were incentivised to hold cash overseas to lower their tax bills.