Apple to Pay Italy $348 Million to Settle Tax Evasion Depute

Apple has agreed to pay 318 million euros ($348M) to settle a tax evasion dispute with Italian government, according to reports.

International Business Times, citing local news service La Repubblica, on Wednesday reported that the agreement follows a ii-year investigation examining whether Apple's Italian subsidiary failed to declare some $1.iii billion of revenue to Italy's tax authorizes.

Prosecutors in the land accused Apple of moving the money from Italia to its subsidiary in Ireland, where it would get a lower revenue enhancement rate. Afterward months of negotiations, Apple has agreed to pay the full corporeality Italian authorities were seeking—a figure that could reach equally high equally $350 million, according to The New York Times.

Apple did not immediately respond to a request for annotate, simply the company has in the past denied allegations of failing to pay its off-white share in taxes.

During a recent hr interview with Charlie Rose, for instance, Apple tree CEO Tim Cook argued that the Cupertino tech giant pays "more taxes in this land than anyone." As for its coin abroad, Rose suggested that Apple is running "a sophisticated scheme" to dodge taxes on $74 billion in overseas revenue.

"That is total political crap," Cook said. "In that location is no truth behind it. Apple pays every taxation dollar we owe."

Meanwhile, this isn't the end of Apple's tax troubles in Europe. According to the Times, European government are separately investigating whether Apple's taxation deal in Ireland is "overly generous." That judgement is expected in early 2022.

As the written report notes, Ireland's corporate taxation rate is one of the lowest in the Western world at 12.five percent, specially compared to the U.S., which charges 35 percentage earlier deductions.

About Angela Moscaritolo

Angela Moscaritolo

Angela Moscaritolo is PCMag'due south expert on fitness and smart home products. Teaching yoga for nearly ten years has helped her in evaluating a range of connected health products including fitness trackers, heart rate monitors, rowers, smart scales, stationary bikes, strength preparation machines, treadmills, and more. Angela as well tests smart home devices from her ranch in Florida, including air purifiers, kitchen appliances, and robot vacuums, simply to proper noun a few.