Apple announced Wednesday it would pay some $38 billion in taxes -- likely the largest payment of its kind -- on profits repatriated from overseas as it boosts investments in the United States.

The iPhone maker said in a statement it plans to use some of its foreign cash stockpile of more than $250 billion, which qualifies for reduced tax rates under a recent bill, to invest in new projects, with estimated investments of $75 billion in the US.

Source:AFP