Apple to Pay 318 Million Euros to Settle Italy Tax Dispute

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apple store in santa monica ca
LOS ANGELES - 21 MARCH 2015: Apple store on 3rd Street Promenade in Santa Monica CA United States. The retail chain owned and operated by Apple Inc is dealing with computers and electronics worldwide.

Apple Inc. (NASDAQ:AAPL) has come to an agreement with Italy to pay 318 million euros to settle a tax dispute. The U.S.-based tech giant will also sign an accord next year, detailing how it will manage its tax liabilities incurred this year.

Apple was under investigation by Italian prosecutors after allegations surfaced that the company was not paying its fair share of corporate taxes, which totaled 879 million euros.

A source close to the matter stated that Apple has agreed to pay 318 million euros, and will be signing an accord to fiscal 2015 and onwards. The tax office did confirm that it had reached a deal with Apple, but did not state how much the company would pay.

According to the source, the judicial probe, which involves three of Apple’s managers, is still open for the time being. The settlement will likely have a positive impact on the ongoing investigation.

Apple is just one of many companies that are being investigated for tax issues in Europe. Amazon (NASDAQ:AMZN) and Google (NASDAQ:GOOGL) have been the target of tax inquiries as well.

Italian tax authorities have vowed to crack down on multinational and domestic companies in an attempt to shore up public finances, which have been stretched thin.

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