US Treasury calls for tax reforms after EU ruling on Apple

‘The European Commission’s decision to impose a €13 billion ($14.6 billion) tax bill on Apple revealed the need for US corporate tax reform to discourage tax avoidance, according to US Treasury Secretary Jack Lew.
“Our current tax code is riddled with loopholes that allow corporations to artificially lower their tax bills by shifting income from higher-tax countries to low- or no-tax jurisdictions,” Lew wrote in an op-ed column for The Wall Street Journal.
A complicated system for taxing multinational businesses, aging tax infrastructure as well as the relatively high US corporate rate promote the erosion of the tax base and make America less attractive for business activity, the Treasury boss stressed.’
Read more: US Treasury calls for tax reforms after EU ruling on Apple