Apple to pay €318 million following Italian tax fraud investigation

Dec30

by Sindy Cator on December 30, 2015 at 9:32 am

Following an investigation by the Italian tax office, Apple has been fined €318 million ($347 million USD) for moving funds to Ireland in order to avoid paying tax. According to a report from Italian Newspaper La Repubblica, the company has agreed to pay the sum after months of negotiation. The judges previously ruled that the company had dodged more than €880 million in corporate income tax between 2008 and 2013, when the investigation commenced. The company was accused of transferring that €880 million ($962 million USD) of profit to its Irish subsidiary to benefit from the country’s lower tax rate. The agreement to pay the fine sets…