Apple pays Italy $347 million to close tax investigation

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$1 trillion value
Apple is paying its debts.
Photo: Apfellike

We’re still waiting for an official decision from European Commission regulators about Apple’s alleged tax avoidance through its Irish subsidiary, but in the meantime the company has agreed to pay €318 million ($347 million) to settle a tax investigation in Italy.

A spokesperson for the Italian tax office says that Apple is paying the sum to end the investigation, and that it is line with what the agency had asked for — although substantially less than the €880 million Apple has been accused of withholding for sales booked in Italy.

Italy has been focusing on reclaiming corporate tax payments after its public finances have been squeezed more than ever. As with many countries, multinational tech giants have come under particular scrutiny.

Apple has consistently denied any wrongdoing with its tax practices. In 2013, Tim Cook said that, “We have no special deal with the Irish government.” During the recent “Inside Apple” episode of 60 Minutes, Cook became heated when arguing much the same thing — telling interviewer Charlie Rose that accusing Apple of tax avoidance was, “total political crap.”

Source: Telegraph