Apple to pay $347 million in Italian back taxes | iLounge News

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Apple to pay $347 million in Italian back taxes

Apple has agreed to pay €318 million (about $347 million) in taxes owed to Italy’s inland revenue service, according to a new report by La Repubblica. Stemming from an investigation that began in 2013, Apple’s Italian subsidiary allegedly failed to declare more than €1 billion ($1.3 billion) in revenue to the country’s tax authorities — a report that was confirmed as accurate by the Italian tax office. The final agreement came after several months of negotiations which appear to have resulted in Apple still being required to pay the full amount demanded by the Italian tax authorities for the 2008-2013 tax years. Apple was accused of transferring Italian profits to its Irish subsidiary in order to benefit from Ireland’s lower corporate tax rates by declaring its Italian subsidiary to be a “consultant” to the Irish company. Apple’s European operations are headquartered in Ireland, and Apple came under investigation by EU regulators last year, who suggested that the company’s tax deals in that country may in fact be illegal under EU law; EU regulators are expected to issue a ruling soon in the matter. [via The Local]

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