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Apple in the Eyes of Italy’s Income Tax Department

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US tech-giant Apple is under investigation for an alleged tax fraud in Italy. Sources say that the local tax authority has accused Apple of hiding nearly 1 billion euros.

Apple event Yerba Buena

Milan prosecutors say that the iPhone-maker failed to pay the sum in two years, with 206 million euros in 2010 and 853 million euros in 2011.

Sources further added that “checks on the size of the tax are under way”. It is believed that the Italian subsidiary of Apple booked its profit through Irish-based subsidiary Apple Sales International (ASI), thereby lowering its taxes in Italy.

Reverting back to this, the manufacturer said that it “pays every dollar and euro it owes in taxes and we are continuously audited by governments around the world. The Italian tax authorities already audited Apple┬áItaly in 2007, 2008 and 2009 and confirmed that we were in full compliance with the OECD documentation and transparency requirements. We are confident the current review will reach the same conclusion”.

It is not the first time technology companies have been investigated for avoiding taxes: earlier this year Nokia’s factory in India was raided for this same reason, and Apple has been found to pay less than 2% of its foreign income taxes.

 

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By , International Correspondent - Vadodara (India) office on Nov 22nd, 2013 GMT +2

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