Apple to pay 318 million euros to settle tax dispute in Italy

Apple Watch being displayed in Italy

Italian newspaper La Repubblica reports that Apple has reached an agreement with the Italy’s tax office over tax fraud and will be paying them 318 million euros to settle the matter.

Apple was earlier accused of dodging its corporate tax in Italy after its Italian subsidiary failed to declare more than 1 billion euros in its tax filing to tax authorities between 2008 and 2013.

Apple would have been required to pay corporate tax in excess of 850 million euros, but after negotiations with authorities, it will be paying them close to 318 million euros. Three Apple executives are also under criminal investigation in relation to this matter.

“Apple has agreed to our request,” an agency spokesman said. He would not say how much the iPhone maker had agreed to pay.

Apple’s CEO Tim Cook has repeatedly made it clear that the company is not evading any taxes and even called it “total political crap” on ’60 minutes’.

Apple has also been accused of evading taxes in the United States by not bringing all its foreign income back to the United States and thereby avoiding paying taxes on them.

[Via VentureBeat]

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