Global corporate tax system must be overhauled, says Apple CEO Tim Cook

Everyone knows that the global corporate tax system needs to be overhauled, Apple Chief Executive Tim Cook said on Monday, backing changes to global rules that are currently under consideration.

The growth of internet giants such as Apple has pushed international tax rules to the limit, prompting the Organisation for Economic Cooperation and Development (OECD) to pursue global reforms over where multinational firms should be taxed. The reforms being examined centre around the booking of profits by multinational firms in low-tax countries.....

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