Apple to pay for new campus HQ with foreign cash

Apple is benefiting from multi-billion-dollar tax break - while staff will receive $2,500 bonuses

Apple will fund its campus headquarters via a five-year, $30 billion investment plan and will pay the US government $38 billion from its foreign pot of cash, that now stands at more than $250 billion.

According to Reuters, the US tech giant is working on one of the country's biggest corporate investment plans after President Donald Trump cut taxes for large businesses. This programme of tax cuts also included a big cut in the tax on companies repatriating profits accrued abroad, where they would (or should) already have paid tax.

Since the presidential election in 2016, Trump has heaped pressure on the company to make more investments in the US - slamming it for manufacturing products in Asia.

While Apple is unlikely to shift iPhone production to the United States, it's planning to dish out more cash in the country by offering work to 20,000 people and American suppliers.

The company already spends tens of billions of dollars annually in the its home nation, but it's going to increase its spending activities in the country to $350 billion over a five-year period.

As part of the tax agreement with government officials, Apple will also be able to bring its $252.3 billion of foreign cash back to the States.

Staff will also receive a 'dividend' from the move - a $2,500 bonus for all employees.

However, the company didn't explain how much of this money it'll use in the spending plan. It will need to cough up $97 billion to cover debts for share buybacks and dividends.

Investors have, however, said they'd give the company more flexibility for future buybacks or pay dividends. As a result, Apple shares jumped to $179.10 on Monday.

President Trump praised Apple's spending plans, claiming it to be a victory. "I promised that my policies would allow companies like Apple to bring massive amounts of money back to the United States. Great to see Apple follow through as a result of TAX CUTS," he wrote on Twitter.

Speaking to ABC News, Apple CEO Tim Cook said: "Let me be clear: There are large parts of this that are a result of the tax reform, and there's large parts of this we would have done in any situation."