Apple to pay Italy $348 million to settle tax dispute
Wednesday, December 30, 2015 at 9:36AM 
Apple will be paying Italy US $348 million (318 million euros) to settle a tax dispute it has had with that country as well as sign a new tax agreement.
"Apple will pay the tax agency 318 million euros and will sign an accord for fiscal years 2015 onwards early next year," a source told Reuters. Apple and other technology companies like Google and Amazon have become the targets of tax inquiries in Europe.
The root of Italy's claims against Apple is that "by having profits generated in Italy and booked by its Irish subsidiary (Apple's European HQ is in Ireland, which was once a manufacturing hub for the company), the company reduced its taxable income base and saved just under 900 million euros in the 2008-2013 period, sources said previously."
Source: Reuters
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