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U.S. President Barack Obama says countries must move in concert on tax avoidance

US President Barack Obama speaks during a press conference following the conclusion of the G20 summit in Hangzhou on September 5, 2016. US President Barack Obama on September 5 called a planned meeting with Rodrigo Duterte into question after the Philippine leader launched a foul-mouthed tirade against him. / AFP PHOTO / SAUL LOEB

U.S. President Barack Obama said on Monday that the United States had to move in concert with other countries on the issue of tax avoidance, as some U.S. allies were "racing to the bottom" with their tax policies.

The European Commission said last week that Apple Inc owed up to 13 billion euros ($14.50 billion) in back taxes to Ireland, based on existing regulations, a decision that both Apple and Ireland, which relies on low taxes to attract investment, have vowed to fight.

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