Apple-style tax deals have "shortchanged" US Treasury, says Obama

Warns of US allies "racing to the bottom" in the wake of the Apple tax verdict...

US President Barack Obama has called for a coordinated international approach to "put a stop" to the kind of tax deals Apple has enjoyed in Ireland. 

Obama's first comments since the European Commission's ruling that the tech giant owes the country €13bn last week came at the G20 and, while not specifically naming parties, offered a clear indication of the hard line the White House is set to take in the future.

"It's in the interest of all countries," he told reporters at the close of the summit in Hangzhou, China, "whether they're developed countries or developing countries, to put a stop to this."

Referring to the EC decision itself, Obama opined that "there's always a danger that if one of us acts internationally" it could impact our ability to collect taxes from the same company, Bloomberg reports.

"In the same way," he continued, "we then have to do some coordination with even some of our closest allies racing to the bottom in terms of how they enforce their tax policies in ways that lead to revenue shifting and tax avoidance in our country."

 When the likes of Apple pay into Europe, Obama said that the US Treasury is "shortchanged".

In April, the US President issued a strong condemnation of tax loopholes and the US companies that move to countries such as Ireland use them back, saying at the time:

"When companies exploit loopholes like this... it sticks the rest of us with the tab and it makes hard-working Americans feel like the deck is stacked against them."