Apple CEO Tim Cook Says Global Corporate Tax System Must Be Overhauled

Everyone knows that there is a need to overhaul the global corporate tax system, Apple CEO Tim Cook said on Monday, in support of changes in global regulations that are currently under consideration.

The growth of Internet giants like Apple has limited international tax rules, prompting the Organization for Economic Cooperation and Development (OECD) to pursue global reforms where multinationals should be taxed.

Investigations are being made at the centre around booking profits by multinationals in low-tax countries like Ireland, where they have bases - and where Cook was speaking on Monday - rather than where most of their customers are.

"I think logically everyone knows that it needs to be rescheduled, I would definitely be the last person to say that the current system or the previous system was the right system. I hope that is optimistic and optimistic That they (OECD) will find something, ”Cook said.

"It is very complicated to know how to levy a multinational tax ... we want it to be justified," Apple inaugurated from the Irish state agency to attract foreign companies recognizing the contribution of the country's multinationals The CEO said.

Apple is one of Ireland's largest multinational employers with 6,000 workers and both it and the Irish government have gone to court to fight an EU order demanding Apple pay EUR 13 billion ($ 14.41 billion) in double taxes. Have to do.

Appeals to the European Union's second-largest court began in September and could last for years. Cook said Apple believed the "law should not be withdrawn" was at the heart of the case and the company had a lot of confidence in the justice system.

Apple's commitment to Ireland, which became its first European operation in 1980, was "unswerving", Cook said.

Apple's chief executive also said more regulation was needed in the area of ​​privacy and should go further than the 2018 European General Data Protection Regulation (GDPR) privacy laws, which delegated significantly more powers to regulators.

"I think there is a need for more regulation in this area, it is possible that regulation is talked about for a business person but it has become clear that companies will not self-police in this area," he said.

"We were one of the first people to support the GDPR, we think it's great overall, not only for Europe. We think it's necessary, but not enough. You have to go further and Further where there should be privacy, it is necessary to get it. Maybe. "