USA tech giant Apple will pay Italy’s tax office 318 million euros ($348 million) to settle a dispute and sign an accord next year on how to manage its tax liabilities from 2015, a source with direct knowledge of the matter said on Wednesday.
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Italy’s tax authorities say the company failed to pay €880m in tax between 2008 and 2013, according to Le Repubblica.
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Apple’s low tax rate in Ireland is at the heart of an ongoing European Commission investigation, which is expected to conclude early next year.
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The tax office spokesman confirmed the newspaper’s report was accurate but would not divulge further details of the confidential case.
The settlement comes after lengthy negotiations between Italian authorities and the company. Apple has claimed that it pays “every dollar and euro it owes in taxes”.
Apple Italia is part of the USA firm’s European operation, which is based in Ireland – which has one of the lowest levels of corporation tax in the European Union.
During the televised interview on CBS, Cook argued that Apple pays the biggest tax tab in the United States and that it keeps more money overseas than other companies because two-thirds of its business is done outside the U.S.
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The US company has not commented on the agreement.
