Apple pays $348M settlement following Italian tax-dodge allegations


What do you look forward to in the new year? If you’re one of those people who loves to be super-on-top of your finances, you may have jumped on the opportunity to get your 2015 filing ready far in advance of its due date – just one less thing to worry about, right? But not everyone’s so eager to hand over their fare share to the government’s coffers, and right now Apple finds itself in the hot seat as it cuts a big check in order to ease tensions while an Italian investigation into under-reported income unfolds.

Italy’s looking into allegations that from 2008 through 2013, Apple failed to correctly report the extent of its income in the nation, instead marking that money down on the books in Ireland, where corporate taxes are substantially lower. As a result, Apple may have dodged an Italian tax bill to the tune of about $960 million.

The Italian government’s investigation into Apple’s practices is still ongoing, with three managers in the crosshairs, but Apple may have just seriously eased tensions by paying out a $348 million settlement.

That payment doesn’t guarantee that everyone’s off the hook, and full details of any settlement between Apple and the nation’s tax office haven’t been publicly disclosed. That said, Apple seems properly motivated to make this whole issue go away as quickly and painlessly as possible, and we imagine it’s doing all it can to prevent any action that could hurt its ongoing sales in Europe.

Source: Reuters
Via: The Verge

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About The Author
Stephen Schenck
Stephen has been writing about electronics since 2008, which only serves to frustrate him that he waited so long to combine his love of gadgets and his degree in writing. In his spare time, he collects console and arcade game hardware, is a motorcycle enthusiast, and enjoys trapping blue crabs. Stephen's first mobile device was a 624 MHz Dell Axim X30, which he's convinced is still a viable platform. Stephen longs for a market where phones are sold independently of service, and bandwidth is cheap and plentiful; he's not holding his breath. In the meantime, he devours smartphone news and tries to sort out the juicy bits Read more about Stephen Schenck!