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

Cook at an Apple event in Cupertino, California, last September. — Reuters

DUBLIN: Everyone knows that the global corporate tax system needs to be overhauled, Apple Chief Executive Tim Cook said on Jan 20, 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.