Apple said on Wednesday that it will pay US$38 billion in USA taxes in a one-time payment. "We have a deep sense of responsibility to give back to our country and the people who help make our success possible", he said in a statement.
Additionally, Apple, Inc. projects that it will contribute an additional $38 billion in taxes on repatriated foreign income in compliance with the revised tax law.
The company also announced Wednesday it will make $2,500 in restricted stock units available to some employees.
$350 billion will be contributed to the USA economy over those five years.
Apple for years has faced scrutiny around the world for its tax policies and for making so many of its products - like the iPhone and iPad - in China.
Apple is presently breaking ground on a new facility in downtown Reno, which will support its existing Nevada facilities, the company announced on Wednesday.
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They say, "But what he did call out was the imbalance in our current immigration system, which does not protect American workers". He also denied demanding that Haitians be removed from negotiations about protected status for people from certain countries.
Some of these jobs would be at existing Apple centres, and some at a new centre.
While US tax reforms, signed into law by President Donald Trump last month, cut the country's main corporate rate from 35 per cent to 21 per cent, it introduced a one-time cash repatriation tax of 15.5 per cent. Apple said the new building will initially house technical support staff, and that it would name the location later in the year.
Tim Cook told lawmakers critical of how Apple didn't repatriate its overseas profits that his company followed the law. The company said it will also hire more than 20,000 new employees, an increase of almost 25 percent over the 84,000 people who already work for Apple in the country.
After plowing almost $46 billion into dividends and stock repurchases in its last fiscal year, Apple is still likely to funnel a big chunk of overseas money to its shareholders.
Apple said its one-time tax payment was the result of recent changes to USA tax law, under which companies must pay a one-time tax of 15.5% on overseas profits held in cash and other liquid assets.
Apple's investments don't include the company's ongoing tax payments, which are already pretty lofty. A spokeswoman for Apple was not immediately in a position to comment.
Over the past 12 months, Apple's share price rose almost 50% from $120.00 on January 18, 2017, to $179.06, where it closed on January 17, 2018.