Apple's Cook says global corporate tax system must be overhauled

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DUBLIN (Reuters) – Everyone knows that the global corporate tax system needs to be overhauled, Apple (O:) 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.

“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 in an event in Ireland, where it is one of the largest multinational companies.

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