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Apple to pay €318 million tax settlement

Following a probe into suspected tax fraud by the company in Italy, Apple has agreed to pay a massive €318 million ($348 million). According to the Italian newspaper La Repubblica, the iPhone maker has been under investigation for allegedly failing to declare income in Italy between 2008 and 2013. La Repubblica reports that Apple’s Italian subsidiary, Apple Italia, should have paid approximately €880 million during that period but only paid €30 million.

The investigation seeks to prove that Apple avoids paying their taxes in Italy by booking sales through Ireland, home to their European headquarters. Coincidently, Ireland has one of the lowest corporation tax rates in Europe, only 12.5% compared to Italy’s 27.5%.

Apple has not commented on their recent payment agreement to Italy’s tax agency. In a recent interview with 60 Minutes Charlie Rose, Apple CEO Tim Cooked referred to claims that the company was avoiding paying tax in the US on earnings overseas as “total political crap.” “There’s no truth behind it,” Cook told Rose. “Apple pays every tax dollar we owe.” However, Apple’s recent agreement to pay €318 million in back Italian taxes suggests otherwise. Something tells me this is only the tip of the iceberg for Apple. We will be sure to keep you posted as this story continues to develop. 


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Monday, 18 June 2018
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