San Francisco — Apple will pay about $38bn in taxes — probably the largest payment of its kind — on profits repatriated from overseas as it boosts investments in the US. The iPhone maker said on Wednesday that it planned to use some of its foreign cash stockpile, which qualifies for reduced tax rates under a recent bill, to invest in new projects. A source close to the company confirmed that Apple was sharing some of the wealth with employees worldwide through bonuses of $2,500 worth of restricted shares of stock. "Huge win for American workers and the USA!" President Donald Trump said in a tweet. Apple, which claims to be the largest US taxpayer, is also one of the biggest beneficiaries of a tax bill passed by Congress in December that lowers the rate of repatriated profits to about 15% and cuts the corporate tax rate to 21% from 35%. The tech giant had built a stockpile of more than $250bn in overseas holdings, claiming it was not in the interests of shareholders to repatriate the...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00.