Apple to pay €318m to settle Italian tax investigation
Apple has agreed to pay €318m to settle a tax investigation in Italy.
A spokesman for Italy's tax office confirmed that the tech company's Italian subsidiary had agreed to pay the sum to end the investigation, with the amount paid in line with what the agency had asked for.
However, it is less than the €880 million that Apple had reportedly been accused of hiding by the authority. According to Italian newspaper La Repubblica, Apple had been accused of tax evasion over five years, from 2008 to 2013, by booking sales in Italy through its Irish subsidiary. Apple has claimed that it pays "every dollar and euro it owes in taxes".
The settlement comes after lengthy negotiations between Italian authorities and the company. Apple has not yet commented.
Italy's squeezed public finances have seen an increasing focus on corporate tax payments, and many governments around the world have zeroed in on multinational tech companies.