Apple CEO Cook: Global corporate tax system must be overhauled

Apple chief executive Tim Cook said Monday that the global corporate tax system needs to be reformed, and he is supportive of the reforms under consideration. The growth of internet giants such as Apple has pushed international tax rules to the limit, prompting the Organisation for Economic Co-operation and Development to undertake global reforms in the area of multinational taxation.

Apple CEO Cook: Global corporate tax system must be overhauled

The reforms under review revolve around the registration of profits by multinationals in low-tax countries such as Ireland, where they have their own bases. Mr Cook also chose to speak in Ireland on Monday, rather than in the country where most of Apple’s customers live.

“I think logically, everyone knows it needs to be re-established,” Cook said at the event. I am certainly the last person to say that the current system or the past system is perfect. I am full of hope and optimism that they (OECD) can do something about it. ”

Apple’s chief executive added after receiving an award from an Irish state agency: “Taxing multinationals is very complex… We very much hope that this reflects the principle of fairness. ”

Apple is one of Ireland’s largest multinational employers, with 6,000 employees. Apple has recently spoken to the Irish government over an EU order to pay Dublin a 13 billion euro tax bill.

The appeal to the EU’s second high court began in September and could last for years. Mr. Cook said Apple believes that “the law should not be changed” is at the heart of the case and that the company has a lot of confidence in the justice system.

Mr. Cook said Apple’s commitment to Ireland, which became apple’s first operator in Europe in 1980, was “unshakeable.”

Apple’s chief executive also said more regulation was needed in the area of privacy and must go further than the 2018 European General Data Protection Regulation (GDPR) privacy law, which gives regulators more power.

“I think there’s more regulation in this area, and it may be strange for business people to talk about regulation, but it’s clear that companies are not going to self-regulate in this area,” he said. “We were one of the first countries to support the GDPR, and we think it’s generally very good, not just for Europe. We believe that this is necessary, but not enough. You have to go further, and to better protect privacy, you have to go further. “