Apple Pays 348 Million Dollars Tax to Italy Tax Authorities
Apple has confirmed that they have agreed to pay the tax of $348.76 million to settle the dispute with the Italian tax authorities after being guilty that they dodge tax payments.
The US tech giant’s Italian base have been under investigation after failing to declare their earnings since the years between 2008 and 2013 to the Italian tax authorities.
According to Italian newspaper La Repubblica, it was claimed that Apple should have paid $963.08 million in that period but after months of negotiation, the authorities agreed to close the case in return of small amount.
Spokesman of the tax authority Italia told to the newspaper La Repubblica that the report was accurate but did not give any further details of the case. Apple Italia is a part of US European firm which is located in Ireland. It has one of the lowest levels of tax cooperation in the European Union.
The dispute started due to the mounting controversy about the tax affairs of multi-national companies.
In Britain, Google and Starbucks have come under their tax affairs of low tax bills.
Now-a-days, UK Arms of International Investment Banks and Cadbury came under the spot light over their tax arrangements.
Earlier this month, Apple’s owner Tom Cook said that it was sidestepping US taxes with overseas taxes is a political crap. He further said that they pay every dollar of their tax.
Source: Sky News