Apple plans to create 20000 jobs in the US

Apple plans to create 20000 jobs in the US

In a dramatic corporate move with financial and political implications, Apple on Wednesday announced plans to contribute more than $350 billion to the USA economy over the next five years by bringing home much of its overseas cash and investing more domestically, creating more than 20,000 jobs and building a new campus.

The headline from Apple is that it will "contribute" $350 billion to the US economy over the next five years, although it's unclear exactly how the company came to that number.

Apple is expected to invest around $349.9bn in the USA over the next five years, and create 20,000 new jobs in the country through hiring at existing campuses and opening a new one.

The amount has been calculated based on a recent change to United States tax law which gives companies the chance to bring back profits which are stashed overseas after paying tax of 15.5%.

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 Cupertino, California-based tech giant said its investments will focus on job creation, spending with USA suppliers and an expansion of the App Store, Apple's digital content hub.

A spokeswoman for the Department of Finance said on Wednesday that the Government had no indications that Apple's cash-repatriation plan would affect its plan to collect up to €15 billion of back taxes and interest - under European Union orders - from the technology giant.

The new campus will initially house technical support for customers, the company said in a statement.

Late previous year leaked financial documents known as the Paradise Papers revealed that Apple shifted much of its offshore wealth from Ireland to a tax haven in the British Isles.

Macron hails UK defence cooperation, warns on single market post-Brexit
Institutions including Deutsche Bank, JP Morgan and Goldman Sachs are preparing to move staff from London to the continent. The Brexit secretary, David Davis , tweeted: "Today is a good day for Brexit and an important step for Britain".

About $10 billion in capital expenditures will be investments in USA data centers, the company said. The company announced Wednesday a plan to bring back billions in overseas profits and develop more facilities like the data center planned for Waukee.

That massive total does not include Apple's own tax payments, taxes generated from employee pay, or the sale of Apple products.

But the company promised to create 20,000 new jobs and a new campus thanks, in part, to the prospect of tax reform.

Apple has no plans to change its manufacturing strategy but has begun to emphasise its economic impact in the US.

Apple has faced repeated criticism from USA lawmakers for not making more of its products, such as the iPhone, the iPad and Mac computers, in the United States.

The company did not say how much of the investments announced Wednesday and tied to the tax law had already been in the works.

A sheet metal fabricator saw-cuts material for Apple's data center expansion in Reno, Nevada.

"This is great news for the American economy and for America's workers", he said.

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