Apple has agreed to pay Italian authorities 318 million euros (Rs 2,305.7 crore) to settle a tax dispute after the U.S. tech giant was accused of dodging payments, the tax office has said.
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While investigating Apple’s tax history between the years of 2008 to 2013, authorities began to notice a sufficient gap amid the €1 billion in revenues earned by the company and the €30 million paid in taxes. The European Commission is due to announce a verdict on possible tax avoidance arrangements between Apple and Ireland, where the iPhone-maker is believed to provide more job opportunities to locals in return for reduced taxes.
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Chief Executive Tim Cook has defended the company’s tax practices, telling CBS’s “60 Minutes” that Apple pays “every dollar we owe”.
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However, after an investigation, Italian tax authorities concluded that the scheme had been illegal.
Apple isn’t the only large tech company with operations in Ireland, which has one of the lowest corporate tax rates in the world. The prosecutors said Apple’s tax liabilities for the five successive years will hinge on an global ruling on such cases.
Apple Italia would not respond to requests for comments regarding the case, which might set a precedent in other countries in Europe that deal with Apple.
Senior Apple managers in Italy as well as Apple Sales International director in Cork Michael O’Sullivan were all formally notified by the Milan judicial authorities as part of the investigation. So how much did Apple actually pay in Italian taxes during that time period? The department also identified discrepancies in the company’s annual profits vs. the taxes it paid for the years 2008-13.
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The country taxes corporate earnings that are from normal activities at a 12.5% rate, which compares with Italy’s standard rate of 27.5%. While legal, it’s a sign of an inefficient corporate tax code in need of reform, something Cook and other corporate leaders have urged lawmakers to take on.
