Apple to pay Italy millions to settle tax fraud case

Apple's Italian subsidiary has agreed to pay 318 million euros ($348 million) to close a litigation case with the country's authorities, the tax office said Tuesday.

US consumer electronics giant Apple has agreed to pay 318 million euros to settle a tax dispute with Italian authorities following an investigation into allegations that the company dodged payments to the Italian taxman.

Apple Italia and several of its senior executives had been under investigation for fraud over the alleged failure to comply with obligations to declare its earnings in Italy between 2008 and 2013.

According to Italian daily "La Repubblica," the US firm stood accused of shortchanging the Italian taxman to the tune of 880 million euros ($960 million) during this five-year period, by shifting profits to its subsidiary in Ireland, where corporate taxes are much lower. Such practices are common among multinationals, and have come under scrutiny at the European Union level.

However, after months of negotiations between the two sides, the tax authorities agreed to close the case in return for $318 million.

Setting a precedent?................

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