January 21, 2020
Tim Cook, the CEO of tech giant Apple, has stated that a global overhaul of tax regulations is needed.
Cook supports a current initiative by the Organisation for Economic Cooperation and Development to pursue global reforms on where multinational firms should be taxed.
Reuters reports that Apple CEO Tim Cook has expressed his support of and initiative by the Organisation for Economic Cooperation and Development (OECD) to pursue global reforms over where multinational firms should be taxed.
The reforms center around booking the profits of multinational firms such as countries in low-tax countries such as Ireland where Apple’s business outside the U.S. is based, rather than where most of their customers are.
Speaking in Ireland at an event where Cook received an award from the Irish state agency responsible for attracting foreign companies recognizing the contribution of multinationals in the country, Cook stated: “I think logically everybody knows it needs to be rehauled, I would certainly be the last person to say that the current system or the past system was the perfect system. I’m hopeful and optimistic that they (the OECD) will find something.”
This article was posted: Tuesday, January 21, 2020 at 7:11 am