Apple says several billion dollars set aside for US taxes

European Union Competition Commissioner Margrethe Vestager speaks during a media conference at EU headquarters in Brussels on, Thursday, Sept. 1, 2016. The European Commission has approved under the EU Merger Regulation a proposed telecommunications joint venture between Hutchison and VimpelCom in Italy. The approval is conditional on the divestment of sufficient assets that will allow a new operator to enter the market. (AP Photo/Geert Vanden Wijngaert)
FILE - In this Wednesday, Dec. 7, 2011 file photo, a person stands near the Apple logo at the company's store in Grand Central Terminal, in New York. Apple will have to pay up to 13 billion euros ($14.5 billion) plus interest in back taxes to Ireland after the European Union found Tuesday aug. 30, 2016 that the U.S. technology giant had paid next to no tax at all across the bloc's 28 countries for over 11 years. The ruling is a dramatic escalation by the EU executive Commission in its battle to have multinationals pay their fair share in the region. (AP Photo/Mark Lennihan, File)

LONDON — Apple's chief executive says the company has put aside "several billion dollars" to pay tax liabilities in the United States as it repatriates some of its huge overseas earnings.

Tim Cook told Irish state network RTE in an interview broadcast Thursday that the money, part of profits from 2014, should be brought back to the U.S. next year. He did not specify how much would be repatriated.

Apple holds nearly $215 billion in cash and securities outside the U.S., much of that generated by its Irish subsidiaries. Cook has complained in the past that high U.S. taxes have discouraged the company from bringing those earnings home.

This week, the European Union ordered the company based in Cupertino, California, to pay $14.5 billion in back taxes to Ireland plus billions more in interest.

The tax dispute is part of an ongoing fight over whether America's largest global corporations pay adequate taxes throughout the world.

Apple plans to fight the EU order, which Cook characterized as unfair. He told Irish television that the EU's findings are "maddening" and that the company had not received special treatment from Irish authorities.

In Brussels, EU Competition Commissioner Margrethe Vestager vigorously defended the legality and arithmetic of the tax clawback order affecting Apple.

"This is a decision based on the facts of the case," she told a news conference at EU headquarters. Vestager said figures used to calculate the amount of back taxes owed by Apple came from the company itself, as well as U.S. Senate hearings.

Must Read

Defense witnesses testify in trial of Brazil's...

Aug 27, 2016

Brazilian senators have begun questioning the last two witnesses summoned by the defense of...

Iowa at center of debate over 'shadow insurance'...

Aug 30, 2016

Life insurance companies are setting up "shadow insurers" to take on some of their liabilities and...

WHY IT MATTERS: The Role of Government

Aug 31, 2016

It's the Goldilocks conundrum of American politics: Is the government too big, too small or just...

WHY IT MATTERS: Debt

Sep 1, 2016

WHY IT MATTERS: Debt, if unchecked, risks the economy and our pocketbooks

Reid wants budget business resolved before...

Sep 2, 2016

The Senate's top Democrat said Thursday that he and President Barack Obama will not approve a...

About Us

The World Insiders brings you exclusive coverage from across the globe in a timely, easy to consume format sourced directly from our regional media partners.

Contact us: sales[at]theworldinsiders.com

Subscribe Now!