Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Apple CEO calls for global corporate tax system overhaul

Apple CEO calls for global corporate tax system overhaul

Though it's one of the world's largest beneficiaries of favorable Irish tax minimization strategies, Apple is now calling for reform of the global loophole.
Everyone knows that the global corporate tax system needs to be overhauled, Apple CEO 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 Organization for Economic Cooperation and Development (OECD) to pursue global reforms over where multinational firms should be taxed.

The reforms being examined center around the booking of profits by multinational firms in low-tax countries such as Ireland, where they have bases - and where Cook was speaking on Monday - rather than where most of their customers are.

“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,” Cook said.

“It’s very complex to know how to tax a multinational … We desperately want it to be fair,” the Apple CEO added after receiving an inaugural award recognizing the contribution of multinationals in Ireland from the state agency responsible for attracting foreign companies.

Apple is one of Ireland’s largest multinational employers, with 6,000 workers, and both the company and the Irish government have gone to court to fight a European Union order stating that Apple must pay 13 billion euros ($14.41 billion) in back taxes to Dublin.

The appeal to the EU’s second-highest court began in September and could run for years. Cook said Apple’s belief that “law should not be retrofitted” was at the heart of the case and that the company had great faith in the justice system.

Apple’s commitment to Ireland, which became the company’s first European operation in 1980, was “unshakable,” Cook said.

He also said that more regulation was needed in the area of privacy and must go further than the 2018 European General Data Protection Regulation (GDPR) privacy laws that handed regulators there significantly more powers.

“I think more regulation is needed in this area. It is probably strange for a business person to be talking about regulation, but it has become apparent that companies will not self-police in this area,” he said.

“We were one of the first to endorse GDPR -we think it is overall extremely good, not only for Europe. We think it’s necessary but not sufficient. You have to go further, and that further is required to get privacy back to where it should be.”
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
×