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Tech giant to see potentially massive windfall from Republicans’ tax plans

Calculations by tax experts and Financial Times suggests consumer electronics business Apple could see as much as $47bn slashed from its tax liability if planned reforms in the US get through Congress.

The scale of the windfall reflects an expected reduction in the tax rate applied to overseas cash holdings. It also means its final bill could be less than the $36.4bn it had set aside for future obligations and this could provide a one-off boost to profit.

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